As corporates grapple with IT protection, Cybersecurity firms are moving in.
Historically, Cybersecurity businesses have been located in and around tech innovation centres such as Cambridge and Oxford, however, today central London locations are attracting more Cybersecurity firms. The opening of the National Cyber Security Centre (GCHQ) at Nova South in 2017 was a watershed moment and the recent announcement of the recent opening of the London Office for Rapid Cybersecurity Advancement (LORCA) at Stratford has further cemented London’s cybersecurity credentials.
Cybersecurity is no longer just an ‘IT problem’, every company is influenced or impacted by embedded technology.
Businesses now have to develop and demonstrate cybersecurity strategies. Heavily regulated industries, such as Finance, Insurance and Professional Services will be even more acutely aware of the business requirement to be cybersecurity alert and prepared.
The UK market for cybersecurity has increased by 21% over the past four years to £3.4billion in 2017*. In fact, the Cybersecurity 500 list highlights central London as the 7th largest cyber security market in the world, as new ventures join well-known firms such as KPMG, Deloitte, BT, IBM and Panaseer in their ‘neighbourhood’.
Chris Lewis, Head of Office Agency and Consultancy at DeVono Cresa, states “As cybersecurity moves higher up the corporate agenda, the call for support and advice will lead to a greater number of players wanting to locate in London”. Lewis says “Having advised a cybersecurity governmental body on locating in London, I have seen first-hand the desire to be closer to businesses”.
* Department of Business Skills and Innovation.
Cybersecurity in London & UK Facts:
- In 2016, the UK was the target of 1 in 8 malware attacks in Europe*, partly due to the dominance of the UK’s finance, manufacturing and technology sectors
- London holds an advantageous position being able to contribute to the global efforts on cybersecurity with the high number of universities providing cybersecurity related degrees. (8+ universities)
- London also has an enviable conferencing and networking market, bringing together some of the worlds greatest minds and talent on this subject
- Canary Wharf’s accelerator space, Level 39 has played host to a number of cybersecurity firms, once boasting the highest concentration of cybersecurity start-ups in London
- Helping to promote, train and educate the market CyLon, the world’s leading cybersecurity accelerator was set up in 2015, helping over 45 companies to grow, as well as facilitating investment
- LORCA – A new cyber incubator space, for 72 start-ups to align their cybersecurity solutions with the daily challenge faced by businesses, opened in June 2018 at Here East with London Cyber Innovation Stratford, supported by the government
We understand how the market has and is continuing to develop for cybersecurity firms and the level of investment increasingly going into new and innovative ventures. If you’re a cybersecurity firm/start-up looking to expand or enter the London office market, we can support your growth.
DeVono Cresa are the leading occupier-only commercial property consultants in London, providing personalised and expert advice on many areas relating to commercial property. With a wealth of experience helping firms like this, we understand the type of space that is needed for cybersecurity in London.
Contact us now to discuss your options on 020 7096 9911 or if you’re not looking to relocate just yet but would like to be kept up-to-date with market information, click here to read our quarterly publication, The Occupier.