Cyber security is one of Australia’s most promising growth sectors according to a new national Cyber Security Sector Competitiveness Plan developed by AustCyber. A Cyber Security Innovation Node will soon be established in NSW as part of the national network to accelerate the growth of the cyber security industry.
NSW Minister for Trade and Industry Niall Blair said the Node would be a partnership between the NSW Government and AustCyber, the national Australian Cyber Security Growth Network.
“The NSW Cyber Security Innovation Node will focus on building our industry and helping our cyber companies grow and create jobs,” Mr Blair said.
“NSW is in a strong position with Australia’s largest ICT and startup sectors. The Node will create the right conditions for the industry to prosper, and ensure anyone who wants to work in the cyber industry has all the support they need in NSW.”
There are about 19,000 people employed in Australia’s cyber security sector. Australian businesses spend $4.3 billion a year on cyber security (with most activity in NSW), and industry revenue is forecast to reach $6 billion by 2026.
Forging the future
At a national level, the Cyber Security Sector Competitiveness Plan identifies a surge in demand for cyber security products and services globally, driven by the growing need of organisations to protect their digital assets and databases from malicious activity – creates huge opportunities for Australian companies.
The plan shows how market trends point to tremendous economic opportunity for Australian businesses and technology researchers. But there are several barriers to be overcome.
The identifies cyber security as both a dynamic sector offering a new source of prosperity and an enabler of growth through digital transformation in every sector of the economy.
Urgent action required
The plan identifies a number of barriers that make it difficult for Australia to fully exploit existing advantages and develop a sizeable world-class cyber security sector.
- a skills shortage
- a need for improved research and development
- a need for improvements to the startup ecosystem
- access to global markets.
A national roadmap
CSIRO and AustCyber have developed an Australian Cyber Security Industry Roadmap to examine the role that cyber security can play in boosting growth in other sectors.
Three themes outline how cyber security solutions can lead to more effective organisation and business operations and improve Australia’s overall cyber security performance.
- Trusted ecosystem: creating digital ecosystems that are highly trustworthy, allowing for rapid exchange of information and providing a stronger environment for trade.
- Secure by design: ensuring new products, services, platforms and processes are designed with cyber security as a key consideration.
- Robust and resilient: building greater cyber maturity and resilience in Australian industry and communities by developing a robust security culture.