Professionals from David Rubin & Partners have been appointed administrators to cyber security start-up XQ Cyber. The firm seems to have declined rapidly, with employees noting one month ago that its “money issues” had become more apparent as the year wore on.
The impact of cybercrime is estimated to cost the UK roughly up to $30 billion per year. As a result, despite generally flat IT budgets, the increasing threat of cyber-attacks has led to greater spending on security in both the public and private sectors.
In recent years, Britain has seen an upsurge in spending on cyber security – both public and private sector. The UK Government is currently implementing a digital transformation agenda to move more services online, and increasing amounts of citizen and customer data require protection. As such, demand for the cyber security services has boomed in recent years.
At the start of 2019, the UK cyber security market was valued at over $5 billion and is widely regarded as the largest cyber security market in Europe. This is not to say all businesses in the sector are guaranteed cash cows, however. As with any market which suddenly becomes a hit, cyber security has…
