Australia’s Cyber Security Sector Competitiveness Plan 2022

At a glance

Designed to help shape, inform and grow Australia's cyber security sector

AustCyber, part of the Stone & Chalk Group, has a clear mission to support the development of a vibrant and globally competitive Australian cyber security sector.

We exist to grow Australia's cyber security ecosystem, export our cyber security to the world, and make Australia the leading centre for cyber-education.

Our 2022 SCP flagship publication highlights the criticality for businesses to protect themselves from cyber threats, and the importance of ensuring our young cyber security sector receives the necessary support to grow and thrive competitively.

2022 highlights

Australia's cyber security sector will contribute an estimated $2.4 billion to the country's Gross Domestic Product in 2022, up from $2.2 billion in 2020.

Australia's cyber sector annual revenue growth has averaged 8.7% over the past five years - slower than other leading cyber jurisdictions.

Australia experienced 745 cyber attacks per day (one every two minutes) in 2021.

The number of cyber attacks in Australia is expected to double in the next five years.

47,000 people are employed in cyber security roles in Australia (2022), making it a larger employer than the medical technology sector.

Australian cyber security firms are focused on servicing a relatively small domestic market. The Australian market represents only 2.1% of global cyber security demand.

Australian cyber security startups receive 300 times less funding than international peer leaders.

A cyber attack against Australia (modelled in the 2022 SCP) could cost up to $12.6 billion.

2026 outlook

Australia could increase its annual cyber security revenue by $800 million by 2026, if it acts on the growth barriers identified in the SCP.

Australia's annual cyber security revenue growth is forecast to be 5.5% by 2026, almost half of the international leading cyber security jurisdictions forecast average of 9.9%.

There will be a shortage of 3,000 cyber security workers in Australia by 2026.

Future opportunities

To grow revenue, Australia must improve its startup environment, bolster domestic procurement and export capability, and better attract local and international talent.

Improve startup support

Government funding directed to cyber security research has decreased from $9.8 million in 2019 to $7.5 million in 2022.

Continuing to collaborate across sector stakeholders and mature the innovation hubs will support a stronger innovation ecosystem.

Bolster domestic procurement & export capability

The Australian market represents only 2.1% of global cyber security demand. Only 50% of Australian firms are exporting.

Ensuring government procurement processes are accessible to small, local firms will support growth in domestic revenue. Continued trade outreach will facilitate export growth.

Better attract local/international talent

Although there are more people entering the cyber security sector, it is not fast enough to keep up with attrition and increased demand.

Providing incentives and support to train in cyber security will strengthen the talent pipeline. Increasing the number of cyber security skilled migrants will mitigate short-term shortages.