In today’s digital age, the importance of cybersecurity cannot be overstated. As the world becomes increasingly interconnected, the need to protect sensitive information and digital assets has given rise to a thriving cybersecurity industry.
Ireland, a country known for its burgeoning tech sector, is no exception. With a robust ecosystem of 489 firms offering cybersecurity products and services, Ireland is making a significant mark on the global stage. Here in our latest blog, Rachel McGuckian, Associate with Barden’s Technology Practice, reviews the recent “State of the Cyber Security Sector in Ireland” from Cyber Ireland which explores the key aspects of Ireland’s cybersecurity sector, including the types of firms, the workforce, and the role of foreign direct investment. Read on to read Rachel’s highlights from the report…
Diverse Landscape of Cybersecurity Firms
Ireland’s cybersecurity sector is a diverse landscape that caters to various aspects of digital security. Among the 489 firms, approximately one-third are dedicated (pure-play) cybersecurity service providers. These firms specialise exclusively in providing cybersecurity solutions, reflecting the growing demand for specialised expertise in the field.
The remaining firms offer diversified services, integrating cybersecurity into their broader range of offerings. This diversity allows businesses in various industries to benefit from cybersecurity solutions tailored to their specific needs. Whether it’s a financial institution, a healthcare provider, or an e-commerce platform, these firms help safeguard sensitive data and digital operations.
Balanced Mix of Large Firms and SMEs
One noteworthy feature of Ireland’s cybersecurity sector is the balanced mix of large firms and Small and Medium-sized Enterprises (SMEs). This equilibrium is vital for fostering innovation and competition within the industry. Large firms often have the resources to undertake extensive research and development, while SMEs can provide niche solutions and adapt quickly to emerging threats.
The Indigenous Advantage
It’s heartening to note that almost half of all cybersecurity firms operating in Ireland are indigenous. These homegrown companies are a testament to the entrepreneurial spirit and technical expertise of the Irish people. They contribute to job creation and economic growth, while also enhancing the country’s reputation as a hub for cybersecurity excellence.
The Cybersecurity Workforce
The cybersecurity sector in Ireland employs 7,351 cybersecurity professionals. While this number may seem relatively modest, it is a testament to the highly specialised nature of the field. Cybersecurity professionals play a pivotal role in safeguarding digital infrastructure, and their expertise is in high demand.
Interestingly, these cybersecurity teams are typically small, with nearly two-thirds of firms employing between one to nine professionals. This highlights the need for skilled and focused experts who can address the ever-evolving cybersecurity landscape with precision.
The Role of Foreign Direct Investment
Foreign direct investment (FDI) is a significant driver of Ireland’s cybersecurity sector, supporting approximately 71% of all employment in the field. Multinational corporations often choose Ireland as their European headquarters due to its skilled workforce, favourable business environment, and proximity to other European markets.
In particular, cybersecurity firms headquartered in the United States have a strong presence in Ireland, constituting 28% of all firms and supporting around 55% of all employment. This underscores Ireland’s appeal as a global cybersecurity hub and a preferred location for international businesses seeking a foothold in the European market.
Ireland’s cybersecurity sector is not only thriving but also shaping the global landscape of digital security. The diverse mix of firms, the presence of both large corporations and SMEs, and the support of foreign direct investment all contribute to the sector’s success. With a highly skilled workforce, a strong indigenous presence, and a reputation for excellence, Ireland continues to play a pivotal role in safeguarding the digital world. As the digital threat landscape continues to evolve, the cybersecurity industry in Ireland is well-positioned to adapt, innovate, and secure our digital future.
To read the full report click here.
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Source: Cyber Security Ireland