The cybersecurity sector on the island of Ireland is estimated to generate €3.2bn a year according to a new report.

The report, commissioned by both Cyber Ireland and NI Cyber, comes as the two bodies announced a Memorandum of Understanding (MOU) to deepen ties.

The MOU aims to enhance cross-border connections, support industry-academic R&D collaboration, and raise the international profile of the all-island sector.

The two bodies also published a report produced by Perspective Economics which mapped out the scale of the industry across the island.

It found it is amongst the largest in Western Europe, comprising 632 firms and employing 10,600 professionals.

It also estimated the sector generated €3.2bn and contributed €1.5bn in Gross Value Added (GVA) in the most recent financial year.

Irish firms alone have seen revenue growth of 13.4% annually over the past two years.

The study also highlights that the all-island cybersecurity sector benefits greatly from the presence of multinational companies.

It said 41% of firms were headquartered in Ireland and 7% in Northern Ireland.

However, barriers remain for the industry with policy gaps, procurement challenges and security clearance issues hindering cross-border collaboration. 

Mr Eoin Byrne, Cluster Manager at Cyber Ireland, stated: “Cybersecurity is not just a technological issue, it’s a strategic economic opportunity.

"This report demonstrates the strength of the all-island cybersecurity sector and the huge potential to improve our cyber resilience and drive economic growth by working together.

"The signing of the MoU between Cyber Ireland and NI Cyber is a major step forward in that journey."

Joanne English, Cluster Manager at NI Cyber, added: “The cybersecurity threats we face don’t stop at borders.

"Through enhanced collaboration, we can boost innovation and better support our companies and communities.

"This report and its findings highlight the opportunity for our respective clusters.

"The MoU paves the way for joint action and shared success. 

"42 cybersecurity companies already have active offices in both NI and Ireland, which shows a clear appetite for cross-border collaboration, and we must now work to realise the opportunities of a more integrated all-island cybersecurity market.”

While Alison Currie, Director of Innovation & Entrepreneurship at InterTradeIreland commented: “Cybersecurity is now a critical and vital consideration for all businesses.

"This report, funded by our Synergy programme, will benefit all businesses across the island of Ireland as they strive to collectively improve their cybersecurity preparedness, support their digitalisation processes and reduce their risk of cyber-attacks.

"InterTradeIreland is committed to supporting the cybersecurity sector as it continues to collaborate, innovate and overcome obstacles to further accelerate growth potential.”

Pics: Mark Stedman