Keeping up with hyper growth when UK’s booming Cyber Security sector is worth £8.9billion; what role can strategic partnerships play?
The Government’s Cyber Security Sectoral Analysis 2021 reports that the industry was worth £8.9 billion last year, an increase of 7% on 2019, and now employs over 45,000 people. CBG and our partners are just some of these 45,000 and like the rest of the channel, we have certainly felt a sense of that growth, even throughout a global pandemic.
Last year’s reliance on remote working and the surge in cyber security threats was a significant contributing factor to the growth of the industry, which was able to adapt quickly to the challenges of the pandemic, largely due to less reliance on physical products and premises than many other sectors. Cyber funding for start-ups grew by more than 900%, and although overall investment is still dominated by a small number of large organisations, the cyber channel played no small part in supporting organisations with the increased demand in cyber protection, advice, and skills.
With further growth and investment forecast, how can organisations in the channel ensure we remain relevant and adapt in an often complex and constantly evolving market?
The cyber security industry is diversifying with significant growth in core technologies such as IoT, AI, blockchain, and cloud-based security and there is increasing demand for enterprise security solutions, particularly across the manufacturing, banking, financial services, and insurance sectors. In addition, with the education, healthcare, and governmental sectors becoming frequent targets for cyber-attacks many organisations within these industries are now looking at investment to optimise security around their huge volumes of confidential records and data. So how can strategic partnerships help to manage and support the demand?
Companies are increasingly looking at working more collaboratively, which enables them to be more agile and adapt quickly to meet emerging challenges and opportunities in the marketplace. Due to the industry-wide shortage of qualified cyber professionals, working in partnership with other companies can also provide the vital resource required to plug the ongoing skills gap.
Out-sourcing projects had led to a significant growth in demand for experienced independent consultants who work as either dedicated or fractional resource. The benefits include greater flexibility to either increase or decrease levels of support in line with the demands of the business, significant cost savings when compared to employing permanent staff, additional reach into your customers, and expertise that can be sourced and delivered quickly.
The complexity of the cyber security landscape and the fast pace of change mean that the demand for managed services is likely to remain high due to the lower investment required in expensive technology, fixed cost and SLAs, and expert support on hand 24/7, which is particularly appealing when you also factor in the current cyber skills shortage.
With increasing demand for cyber security and more investment in emerging technologies, significant opportunities exist for both professional services and solution providers. The channel is ready and waiting to support this growth with an array of partners, all of whom bring different expertise and skills to the table but have one thing in common – adding value to both your business and your customers’ business.
As a channel only organisation, CBG’s goal is to help enable our partners’ success in this growing market by bridging cyber services, business services, resource, and advisory gaps. Whether you want to increase your brand awareness and grow market-uptake or need access to a comprehensive range of cyber expertise and services, our highly skilled consultants will work in partnership with your organisation to deliver bespoke solutions for your business and help you to solve the challenges faced by your customers.
Whatever your requirements CBG has industry experts available to support you and your customers. For more information, please contact firstname.lastname@example.org or call us on +44 1223 843903.
Kathryn Miller, Business Operations Director
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