How will Brexit affect the cyber industry

BeecherMadden’s latest breakfast seminar was attended by leading cyber security professionals, last week. Attendees heard from Deloitte, KPMG and Capgemini, with thoughts on how Brexit will affect the cyber industry. Croissants were replaced with bacon sandwiches, with some questioning the anti-European message of our food choice!
 

A key theme explored was GDPR. Most of the industry has agreed that British companies still need to prepare for GDPR, despite Brexit. Many pointed out that as Article 50 has been delayed, GDPR would be in effect for at least 6 months before actual Brexit took place. The general consensus was also that GDPR is a good framework for security and is a good standard for companies to work towards. One concern, is that European countries will use GDPR investigations as a way of raising revenue for their economies and that British firms may be a more likely target for this activity.

 

Cyber security jobs are hard to fill, as there is a shortage of qualified candidates within the UK market. While we train more candidates, and help others progress in their careers, there are still many jobs going unfilled. Europe has been a good source of candidates for these British jobs and Brexit may cause a problem, for Britain to stay ahead of the pack in cyber security. If it is harder to attract overseas workers, or legislation restricts this, the people issue in cyber, is likely to get worse.

 

The performance of the pound is also an important aspect that was considered at the seminar. A weaker pound may make Britain less of a target, ultimately making British businesses more secure. If the value of a successful attack on a British company is reduced, the likelihood for such an attack may also reduce. However, a weaker pound also makes managing or remediating the threat more expensive. Those in cyber jobs may find that budgets become squeezed as we go into a post-Brexit world. Ultimately, much remains to be seen on the performance of the pound and Britain’s political standing as the Brexit process moves forward.
BeecherMadden recruit across the UK, Europe and the US. To attend our next seminar, please get in touch with Karla.