A new report has found that the all-island cybersecurity sector generated an estimated €3.2 billion and contributed €1.5 billion in gross value added (GVA) in the most recent financial year.
The research was commissioned by Cyber Ireland and NI Cyber, with support from InterTradeIreland's Synergy Programme, and produced by Perspective Economics.
It found that the all-island cybersecurity sector is among the largest in Western Europe, comprising 632 firms and employing 10,600 people.
According to the report, 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, as well as indigenous enterprises, with 41% of firms headquartered in Ireland and 7% in Northern Ireland.
However, the report found that barriers remain for the industry with policy gaps, procurement challenges and security clearance issues hindering cross-border collaboration.
In a bid to deepen cross-border collaboration and unlock new opportunities, Cyber Ireland and NI Cyber have announced a memorandum of understanding (MoU).
It outlines key shared goals to align with both clusters’ strategic priorities, including enhancing cross-border connections, supporting industry-academic research and development collaboration, and raising the international profile of the all-island sector.
"Cybersecurity is not just a technological issue, it’s a strategic economic opportunity," Cluster Manager at Cyber Ireland Eoin Byrne said.
"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," Mr Byrne added.
Cluster Manager at NI Cyber Joanne English said that cybersecurity threats do not 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," she added.
Director of Innovation and Entrepreneurship at InterTradeIreland Alison Currie described cybersecurity as 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," Ms Currie said.
