Global demand for cyber security solutions is surging and Australia is well-placed to become a global cyber security leader.
Australian cyber security revenues 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 today 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.
The Cyber Security Sector Competitiveness Plan and Cyber Security Roadmap are available online:
Cyber Security Sector Competitiveness Plan: https://www.austcyber.com/resources/sector-competitiveness-plan
Cyber Security Roadmap: https://www.austcyber.com/resources/industryroadmap
