Tag Archives: cyber

cyber security revenue

Australian cyber security revenue set to triple within a decade

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.

innovation

Innovation breathes new life into old business

Featured image above: the Minister of Industry, Innovation and Science delivering his address at the AFR National Innovation Summit 

Innovating isn’t just about creating new businesses – it’s also about transforming the old.

This message formed the crux of the Hon Greg Hunt’s speech at the Australian Financial Review’s 2016 National Innovation Summit as he presented plans for his portfolio as Minister for Industry, Innovation and Science.

“Innovation is about the new firms absolutely, unequivocally…but also the existing firms,” said Hunt, insisting that the latter should be innovating through “new or improved goods or services, new processes or new business models.”

Pointing to Dulux, CSL, Telstra and BlueScope as examples of Australian veterans who are thriving through investments in R&D, the Minister warned that less-savvy business won’t be bailed out.

“We can’t prop up existing, failing services,” he said. “They have to be able to compete.”

The need for speed

According to other leaders at the AFR Innovation Summit, the window of opportunity is closing for some of Australia’s oldest and largest corporations.

Data61 CEO Adrian Turner says he returned to Australia after 18 years in Silicon Valley because he was concerned about Australia’s pace of change. He believes Australian businesses don’t have long to get on board the age of digital and data-led markets.

“We have a five to 10-year window,” says Adrian.

Chairman of the Australian Advanced Manufacturing Council, John Pollaers, pointed out that although the world has moved into the fourth industrial revolution – the merging of the physical and cyber worlds – many companies are still working their way through the second and third industrial revolutions of electrification, automation and IT.

“If we underestimate technology we will fail,” says Pollaers. “If we underestimate the resistance to change and innovation, then we’ll also fail.”

Maile Carnegie believes companies need to stop ‘hand-wringing’ and start taking action.

“Our financial institutions, if we don’t get them moving, are in for a world of hurt,” says the former Google MD, who recently joined ANZ as Group Exec of Digital Banking. “Banking is a massive data play – those industries are getting disrupted.”

“We know what we need to do so we need to move the conversation to doing it…At the end of the day strategy is all about making some choices.”

So how can old businesses achieve innovation?

“Fail fast, fail cheap, pivot,” suggests Suzana Ristevski, Chief Marketing Officer and Head of Strategy & Growth for GE Australia, New Zealand and Papua New Guinea.

With speed and agility considered vital to innovation but difficult in large businesses, CommBank has turned to partnering with startups.

“They have the agility, we have the scale, so it’s a pretty great marriage,” says Tiziana Bianco, head of the CommBank’s Innovation Lab.

Corporate law firm Gilbert and Tobin have also invested in ‘self-disruption’ to avoid becoming obsolete, positioning themselves as a ‘market disruptor’ and increasing their stake in startup LegalVision to 20% at the start of August.

BHP Billiton, who was forced to cut its dividends by 75% in February this year, has moved to a five-point plan (see The big three drivers to job growth).

  1. Hastening production
  2. Accelerating technology competencies
  3. Creating innovation hubs to address innovative solutions to specific challenges
  4. Setting up programs to build from the inside the company
  5. Forging partnerships with unis, CSIRO, and CRCs

When asked at the AFR Innovation Summit what would happen to jobs if they innovated through automation, BHP’s CTO Diane Jurgens said her company is upskilling existing workers; taking them off machinery and teaching them to operate machines from the safety of a control room.

Group CEO & Managing Director of Domino’s, Don Meij, told the summit’s audience that if we don’t take our skills ‘upstream’ in this way, we will simply miss out on the market altogether.

– Elise Roberts