Cyber security industry contributed €1.2bn to economy last year – report
A report launched at Ireland’s largest cyber security industry conference, the Cyber Ireland National Conference (CINC24), has revealed the sector contributed €1.2 billion to the Irish economy over the past 12 months, with growth plans also in place to double the sectors workforce to 17,000 people by 2030.
Taking place across two days in Kilkenny with more than 400 senior leaders and cyber security experts expected to attend CINC 24 aims to discuss and highlight both opportunities for the industry and potential barriers to sector growth, discussing topics such as the global cyber security landscape, the impact of AI on security, and the role of EU regulations in driving cyber security.
Cyber Ireland commissioned Perspective Economics to update the data, assess the trends over the past two years and produce an updated “Ireland Cyber Security Sector Snapshot 2024” report.
According to the survey the number of firms in the sector stands at 535, employing almost 8,000 individuals. Almost half (47%) of companies were Irish and had less than 50 employees.
Cyber security sector revenue was €2.7 billion, with a gross value added of €1.2 billion.
Eoin Byrne, cluster manager, Cyber Ireland, said: “The Cyber Security Sector Snapshot 2024 demonstrates the importance of the sector not only from the perspective of national cyber resilience, but also as a key sector of economic growth.
“The findings support evidence-based decision-making and help shape strategies to support the growth and competitiveness of the sector, ultimately contributing to economic development of and improved cyber resilience of organisations across Ireland.
“We must continue to support a strong domestic cyber security sector to scale companies to deliver high value solutions and provide cyber resilience for the country and compete internationally.
“We must also continue to leverage our strengths as an international hub in Europe to grow appropriate foreign direct investment (FDI) in cyber security.”
Also commenting on the report findings , Pat Larkin, Cyber Ireland chairperson and president of Ecko Security, said: “There is an incredible opportunity for Ireland in the global cyber security market, which is worth around €250 billion with a 15% growth rate.
The opportunity exists for Ireland to capitalise on its strengths and competitive advantages to develop a leading cyber security sector in Europe, and globally. Cyber Ireland, as the cyber industry cluster, aims to be the driving force to deliver on Ireland’s cyber potential.
This most recent update on Ireland’s cyber security sector’s increased contribution and value to the Irish economy comes following the recent announcement that that the US based private software company, UKG, will expand its international cyber security operations in Kilkenny with plans to hire 200 new roles.
CINC 24 will feature presentations and panel discussions from international keynotes speakers such as Sean Doyle, Cybersecurity Lead at the World Economic Forum, discussing the role of public-private-partnerships in cyber security, and Dr. Mary Aiken, a world-leading expert in cyberpsychology who will discuss the and impact of online safety and emerging ‘safety tech’ market.
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