Australian cyber security revenue set to triple within a decade

November 29, 2018

Australia is well-placed to become a global cyber security leader and cyber security revenue is set to triple, according to AustCyber.

cyber security revenue

Australian cyber security revenue will soar from A$2 billion in 2016 to A$6 billion by 2026. This comes as part of an upward trend in cyber security spending around the world. US$131 billion was spent on cyber security globally in 2017, with an 88 per cent increase expected by 2026.

With the second-highest ‘cyber maturity’ in the Indo-Pacific and strengths in core skill areas such as quantum computation, wireless technology and high-value hardware, Australia is the ideal growth environment for cyber security businesses.

The statistics have been published in the 2018 update to Australia’s Cyber Security Sector Competitiveness Plan and the first ever Australian Cyber Security Industry Roadmap; both launched on 28 November 2018 by the Australian Minister for Industry, Science and Technology, the Hon Karen Andrews MP.

The 2018 update to Australia’s Cyber Security Sector Competitiveness Plan was developed by AustCyber – the Australian Cyber Security Growth Network, which is part of the Australian Government’s Industry Growth Centres Initiative. The Plan indicates strong growth against the data outlined in the first iteration, released in April 2017, reflecting the rapid evolution of this dynamic sector.

The 2018 update draws on extensive industry consultation and research to provide a fresh picture of the global outlook, the challenges, and the opportunities and priority actions needed to grow a vibrant and globally competitive cyber security sector that enhances Australia’s future economic growth. It also provides a deep dive into the skills and workforce gap, which is one of the key issues impacting the sector’s growth.

The Australian Cyber Security Industry Roadmap brings together the expertise and networks of CSIRO Futures and AustCyber to identify a common vision and map out the road to success in the cyber security sector. World-class scientific and technological expertise is applied to steer business, government and society through the challenges we must navigate over the medium to long term, to seize opportunities across all Australian industries.

CEO of AustCyber, Michelle Price said, “As organisations increasingly rely on digital technologies and the cross sectoral flows of data, the need to protect people and assets from malicious cyber activity is growing. This strong demand for cyber security is creating substantial economic opportunities for Australia and is set to increase cyber security revenue.

“Cyber security is one of the most rapidly expanding sectors worldwide. The aim of the Sector Competitiveness Plan is to invigorate the cyber security industry across business, research and consumer segments to drive growth in the ecosystem, increase exports of Australian solutions, and support Australia to become the leading global centre for cyber security education.”

CSIRO’s Dr Shane Seabrook said, “Cyber security has never been more important, both as an enabler for Australian industry and as a source of economic growth itself. As we integrate data and digital technologies into everything we do, security will be key to our future economic success. International cyber security practices are yet to reach a uniform level – the time to position Australia as a best practice nation for cyber security is now.

“The Cyber Security Roadmap will guide immediate actions that can set the stage for long term success – simultaneously protecting Australia and enabling us to be agile, innovative and competitive on the global stage. We can build our cyber security industry with skills from our world-class education system, testbeds supported by our small but sophisticated market, and alignment with cultures and time zones in our geographic region.”

To help Australia’s cyber security sector pursue growth opportunities and increase cyber security revenue, the Cyber Security Roadmap focuses on digital opportunities likely to be adopted across Australia’s priority growth sectors: Medical Technologies and Pharmaceuticals; Mining Equipment, Technology and Services; Advanced Manufacturing; Oil and Gas; and Food and Agribusiness.

The Cyber Security Sector Competitiveness Plan and Cyber Security Roadmap are available online.

This article was originally published by AustCyber.

Read more about about the Australian cyber security workforce and career opportunities in the Careers with STEM: Code + Cybersecurity Flip Special.

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One thought on “Collaborate or crumble”

  1. Business gets 100% the financial benefits, business should pay 100% of the costs. If business thinks R&D doesn’t pay, don’t do it.

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