Catalan cyber security firms turn over €807M

In this digital age, cyber security is crucial. A study presented on Wednesday found that there are 352 companies in Catalonia dedicated to the sector employing nearly 6,000 workers. According to the last known figures, they turned over a total of 807 million euros in 2016, the report stated.

60% of Catalan companies invest in cyber-security, the study reported. After all, hackers can cause billions of euros of damages or losses for businesses.

The report highlights that the global cost of damages caused by cyber-crime was 6 billion dollars in 2017, twice as much as the previous year.

As technology progresses, so does the level of cyber-attacks. 40% of such attacks received by businesses interrupt operations and therefore turnover, while 39% suffer from loss of confidential information, while 32% of businesses receive negative impacts on the quality of their products or services due to a hack.

At a global level, cyber-attacks cause interruptions in business activity for an average of 17 hours per year.

The study forecasts that in the coming years the Catalan cyber security sector will grow notably, taking into account that in 2004 the global market was valued at 3.2 billion euros. In 2018 this figure is expected to increase to 80.2 billion euros, with monthly growth rates sustained at between 12% and 15% per year.