Financial Crime World

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Ireland’s Cyber Security Sector Booms: Expected to Reach €2.5bn in Annual Revenue by 2030

A new analysis has revealed that Ireland’s cyber security sector is growing at a rate of over 10% per annum, with the workforce expected to expand to over 17,000 professionals by 2030.

Sector Growth and Contribution to Economy

According to the report, the sector’s Gross Value Added (GVA) could reach up to €2.5 billion annually, making it a significant contributor to Ireland’s economy. The growth is attributed to increased demand for cyber security services, driven by rising concerns about data breaches and online threats.

Challenges and Recommendations

However, experts warn that the sector faces challenges in attracting and retaining talent. To address this issue, there is an urgent need to develop a pipeline of suitable talent through engagement with industry, universities, and training schemes.

Here are some key recommendations:

  • Develop a talent pipeline through engagement with industry, universities, and training schemes.
  • Promote cyber security awareness among students in STEM and IT courses.
  • Offer reskilling and retraining initiatives to transition professionals from other industries into the sector.
  • Support small and medium-sized enterprises (SMEs) by leveraging public procurement opportunities and networking events.
  • Encourage government support through grants, training programs, and awareness campaigns.

Importance of Talent Development

The report highlights the importance of promoting cyber security awareness among students, particularly in STEM and IT courses. Additionally, initiatives such as reskilling and retraining could help transition professionals from other industries into the sector.

Support for SMEs and Public Procurement

Small and medium-sized enterprises (SMEs) are also urged to scale up their offering by leveraging support services and networking opportunities with larger firms. Public procurement is seen as a key mechanism for increasing spend on cyber security and promoting resilience across the Irish economy.

Government Support

The report suggests that government support could be instrumental in driving growth, through initiatives such as grants, training programs, and awareness campaigns. Furthermore, Ireland’s expertise and attractiveness as a location for setting up cyber security teams could be leveraged to encourage further investment from external firms.

Key Findings

  • Ireland’s cyber security sector is growing at over 10% per annum.
  • The workforce is expected to expand to over 17,000 professionals by 2030.
  • Gross Value Added (GVA) could reach up to €2.5 billion annually.
  • Talent pipeline development and retention are key challenges facing the sector.
  • SMEs need support to scale up their offering and compete with larger firms.

Conclusion

The report emphasizes the need for a coordinated approach between industry, academia, and government to drive growth and development in Ireland’s cyber security sector.