The Cyber Security Sector Competitiveness Plan (CSSCP), released in Sydney on April 20 and launched by Arthur Sinodinos, Minister for Industry, Innovation and Science seeks to break down how market judgements have been determined, the impacts on the economy and a roadmap for the cybersecurity sector.
The CSSCP proposes Australia has competitive advantages in the cybersecurity domain, with a domestic market heating and global market growing exponentially, with most of the growth occurring in the Indo-Pacific region. Some of the key areas being focused on by the Government and quasi-industry led initiative of the Australian Cyber Security Growth Network (ACSGN) is on integrated platforms and software, professional services, GRC (Governance, Risk & Compliance) and as a leading exporter of cybersecurity education.
But there are barriers. These include current economic limitations and national issues of a skills shortage, a poor bureaucratic culture lacking in SME procurement and gaps and blockages between the academic research and commercialisation domains.
The CSSCP cites Gartner which reported “in 2016 the total external spending on cyber security by Australians and Australian organisations reached A$3.46 billion, and it is estimated that organisations spent a further A$919 million on their internal cyber security functions. To put that in context, Australia’s external IT spending in 2016 was around A$85 billion.” The CSSCP projects over the next decade, the Australian cyber security industry could triple in size, with revenues rising to A$6 billion by 2026, from just over A$2 billion today…Click HERE to read full article.
