UK businesses could save up to £1.3bn by purchasing cybersecurity products and services from a more diverse range of suppliers, according to a study by Cynapse. It suggests that shopping around for cybersecurity services, thereby democratizing the market, would be hugely beneficial to UK companies.
Currently, businesses tend to turn to big firms for their cybersecurity needs. It is estimated that 76% of the UK cybersecurity market is controlled by just 10% of companies, equating to £6.3bn out of an overall £8.3bn. However, the market is changing rapidly, now encompassing over 1200 companies with a new startup joining the industry every week.
In a new study, Cynapse has found that smaller companies offer similar products and services at lower costs, in some instances saving businesses up to 40%. If firms utilize smaller cybersecurity suppliers in this way, it could potentially save them up to £1.3bn, according to Cynapse.
Cynapse is a London-based cybersecurity startup that offers companies free access to cyber-experts to better understand what their requirements are. It therefore believes it has a key role in unlocking the market, enabling businesses to find better value for money for their cybersecurity services.
The company stated: “Cynapse launched in March 2020 with the goal of providing a wider view of the cybersecurity market, tailored to individual customers’ needs.”
In its breakdown of the UK cybersecurity market, Cynapse showed that there are 122 large firms compared to 1099 medium, small and micro companies. The 122 large companies generate an estimated annual revenue of £6.3bn compared to £2bn among the rest. There are a total of 42,855 people employed in the UK cybersecurity sector, of which 27,746 work for the larger companies.