The cybersecurity market in the UK alone peaked around $9.54 bn at the end of 2022 and with an annual growth rate of 13.37% until 2027, it’s showing no signs of slowing down, writes Natalie Metcalf, Marketing Manager at The Candidate.
Here at The Candidate, we work with clients across the tech industry, and are always championing up-and-coming companies or celebrating businesses who are excelling in their sector. In order to explore the booming cybersecurity industry in more detail, we teamed up with our brilliant client PortSwigger – a globally renowned and trusted web security company offering software, educational, and journalistic resources, who gave us a fantastic insight into the importance of this growing industry, and what’s to come in 2023.
The importance of the cybersecurity industry
With almost all companies relying on websites, ecommerce, social media, and the internet in general to conduct business, there is a clear need for these platforms to be secure. For example, Security Magazine reported that 92% of data breaches in Q1 2022 were due to cyberattacks. Customer data and insights, payment information, and other valuable information being stored online means protecting it will continue to be as important as ever.
Even recently, PortSwigger’s web security news site The Daily Swig reported that there has been a 633% increase in cyber-attacks aimed at open source repositories this year alone, showing how cybersecurity is becoming even more vital to businesses across the globe.
The drivers of growth
One factor that has driven the growth of this industry is COVID. During the pandemic, almost everything went virtual/online (think of everything from university, to restaurant menus!). This necessitated a lot of adaptation and change, which many were not prepared for. High-profile hacks and data breaches featured in the news, or experienced by people first hand, have highlighted the importance of web security to the general public, meaning that organisations are having to take it very seriously.
For example, a recent hack of Uber’s employee resources shows how popular companies are still falling victim to hackers, and explains the increased need for cybersecurity companies. Other drivers include The Internet of Things (IoT), Artificial Intelligence (AI), and the growth of ecommerce.
As the industry grows, so does the need for trained cybersecurity professionals. During our experience working with PortSwigger to grow their team, they have consistently emphasised the need for high calibre candidates. This, combined with a booming industry, means that those candidates with the right skills can expect to find themselves in demand in 2023 and beyond.
Opportunities for 2023
New research from James Kettle, Director of Research at PortSwigger, explains how the upcoming switch to HTTP/3 creates an increased potential for security threats and attacks. This poses a threat to the digital supply chain that is so relied upon for many businesses, and increased virtualisation means it will only gain in importance as the years progress.
Phishing attempts are also on the rise, with recent research showing that over 35% of 10,500 organizations were targeted by at least one bait attack in September 2021. This is becoming so common that many organisations are sending out fake phishing scams to educate their employees about the dangers of these attacks, and to increase their awareness of web security.
There is also a suggestion that security should be ‘moved left’ and incorporated earlier into the development cycle of software engineering and websites. PortSwigger’s new product Dastardly helps developers to ‘move left’ by scanning websites quickly and effectively for potential threats – making cybersecurity more accessible to businesses everywhere.
It’s clear to see that the cybersecurity industry is booming, and more important than ever. It is vital for businesses to remain secure and aware of potential threats to safeguard their consumers and maintain trust in their brands.
If you’re interested in levelling up your tech or data career then get in touch with the team at The Candidate.
