Australia’s Cyber Security Sector Competitiveness Plan 2020
Cyber security continues to be one of the most rapidly expanding sectors worldwide, with global spending on cyber security products and services increasing by 30 per cent from 2017 to 2020. This year alone, Australians spent approximately A$5.6 billion on cyber security from both local and international providers, a figure that is expected to increase to A$7.6 billion by 2024.
Over the next decade, the Australian cyber security sector will become larger, more diverse and more sophisticated. Providers will continue to refine their market offerings to meet their customers’ varying cyber security needs and continue to support our changing economy. There will be new opportunities fuelling further growth as the application of technologies at the points of convergence between, and within, sectors create more complexity and pressure on systems and networks.
The 2020 update to Australia’s Cyber Security Sector Competitiveness Plan (SCP) draws on extensive industry consultation and research to provide a fresh picture of the global outlook, challenges, opportunities and priority actions needed to grow a vibrant and globally competitive cyber security sector that enhances Australia’s future economic growth.
The measurement of fundamental economic metrics such as the size of the sector and its value added to the economy can serve as a foundation to more sophisticated analysis – such as the broader impacts of cyber innovation across the economy, including its role as an enabler of growth and its beneficial impact to overall prosperity.