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53% Growth Denotes Record-Breaking Fiscal Year for Quorum Cyber
Published: 24th September 2020 | In: News
“We entered Fiscal Year 2020 with a mission to continue the positive trajectory of the previous year. This has enabled us to extend our reach globally in our effort to defend teams and organisations across the world against the rising threat of cyber-attacks; allowing them to confidently operate in an increasingly hostile digital landscape.
Quorum Cyber have enjoyed impressive organic growth year-on-year, with an increase in turnover of £0.9m on Fiscal Year 2019 – equating to growth of 53%.
Looking ahead to the coming year, we now find ourselves in the perfect growth environment with the recent investment, led by corporate finance specialists HNH which helped Quorum Cyber secure the £2.7m from Maven Capital Partners through its Venture Capital Trusts (VCTs) alongside the Scottish Investment Bank (SIB). This truly signals a real desire for investment in Scottish business, and also, the ultimate viability of the Scottish tech sector as a whole.”
— Graham Moorhouse, Finance Director, Quorum Cyber
Fiscal Year 2020:
Currently, our customer base is wide and diverse, including substantial local authority and third sector delivery, allowing not only for the sustainability of our own product offering(s), but also, helping to nurture our already strong sense of community and effective collaboration.
On a global scale, we have established a presence out with the UK with early success in the Netherlands, Middle East, and Australia, however, the investment provided by Maven and SIB will allow us to accelerate our internationalisation whilst continuing to grow sustainably, with expansion already underway in Australasia, South Korea, and North America.
I am pleased to announce a Compound Annual Growth Rate (CAGR) for Fiscal Year 2020 of 174% for Quorum Cyber, a great sign of the continuing success of our organisation. For the second year in a row, we have invested £0.5m in Research & Development in order to ensure our products and services are innovative, reliable, fit for purpose and tailored to customer requirements.
We are pleased that Microsoft security technologies including Microsoft Azure Sentinel, are being leveraged as part of Quorum Cyber SOC services helping our customers stay more safe and secure through industry leading technology.
By investing in R&D, we have also been able to optimise our own customer delivery platform; Clarity. Clarity is a combined portal and platform, providing continuous tracking and insights which allows our customers to get as full a picture as possible of where they currently are with regards to their organisations’ cyber security. By giving simple, clear, real-time visibility of alerts, incidents, and actions – across all monitored systems – we are providing the best possible defence against the multitude of rising threats our customers face.
The Market & Quorum Cyber:
The UK is one of the world’s leading digital nations, and, as such, the cyber security industry in the UK is highly competitive with, currently, 1,221 cyber security firms active with around 42,855 Full-Time-Equivalents (FTEs) according to the UK Cyber Security Sectoral Analysis 2020, showing an increase of 44% since 2017. The UK cyber security market generated estimated revenues of £8.3bn in 2019, up 46% (£2.6bn) on the last reported year – 2017 when annual revenues were estimated at £5.7bn.
All commentators are forecasting significant growth in the global cyber security market. Estimates for the size of the market in 2023/24 range from $233bn (Australian Cyber Security Network) to $300bn (Global Market Insights):
- Knowledge Sourcing Intelligence LLP (Global Cyber Security Report published March 2020) expect the global cyber security market to be worth $244bn in 2024 up from $133bn in 2018.
- The global cybersecurity market is predicted to grow from $167.1bn in 2019 to $248.26B by 2023, attaining a 10.4% CAGR, according to Statista. They also highlight that spending on security services, the largest segment of the market reached $64.24bn in 2019.
- The global cybersecurity market will be worth $300bn by 2024 – Global Market Insights.
Demand is highest in security operations and companies like Quorum Cyber operating in this segment attract almost 45% of the entire global spend on external cyber security services.
The following market trends have been highlighted as driving growth in cyber security spending:
- Ever increasing threat of sophisticated cyber attacks
- Increased exposure to cyber threats
- Increased awareness, at board level, of the risks posed by poor cyber security measures
- Tightening legislation of cyber risk and vulnerabilities
Quorum Cyber compete, and in fact, lead in such a competitive sector by serving our customers through the provision of a wide range of cyber security Professional and Managed Services, including Microsoft Azure Sentinel Security Operations Centre (SOC), MITRE ATT&CK Threat Modelling, CREST Approved Penetration Testing, Incident Response, Phishing Simulation & Protection and more.
Such an impressive fiscal performance is clearly down to a multitude of factors; however, it is important to note what is perhaps the most integral aspect of our organisation – our people.
Quorum Cyber prides itself in recruiting the best talent, whose values and general ethos reflect that of our own, as an organisation. The success of FY20 has enabled us to continue to invest in this element of the business, with 16 new recruits joining the team to fill roles in key areas such as Marketing, Sales and Development. We are so proud to be able to support local Universities and the ever-growing cyber security talent pool they have come to represent; each new graduate brings with them a knowledge and desire which has been integral to our recent success. This, coupled with key recruitment in other vital areas, as well as our dedication to deepening strong business-outcome oriented partnerships with technology partners like Microsoft, and building a customer community and ecosystem that enables organisations to lean on the teams of professionals we are so immensely proud to count within our ranks. We, quite simply, would not be where we are without each and every one of the team.
If you would like to know more about any of the information above, we would love to hear from you, contact the team today.
Quorum Cyber Security Ltd is a Private Limited Company – Company number SC510322