PLAN AT A GLANCE
Purpose
To grow a vibrant and competitive cyber security sector, that generates increased investment and jobs for the Australian economy
Outlook
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Global demand surging
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US$145 billion on cyber security in 2018
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88 per cent increase expected by 2026
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Australia’s revenue from cyber security could triple over next decade
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Australia well placed to become global cyber security powerhouse
Challenges being addressed
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Skills shortage – around 17,000 more cyber security workers by 2026
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Lack of alignment in research and commercialisation – need to concentrate on areas of strength and sector segments of software, security operations and underlying processes
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Market barriers – need to remove hurdles so local companies can scale, mature and export solutions
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Lack of robust measurement on impact and contribution to the economy – need data on the sector to support commercial decision making and track progress
Actions for growth
Coordinated investment and effort required across the cyber security industry, the research, education and training sector, and government to:
Grow the ecosystem
- Help startups find first customers
- Make access to seed and early-stage venture capital easier
- Improve research focus and collaborate to assist commercialisation
- Simplify government and private sector procurement processes
- Provide robust measurement of the ecosystem’s development and impact on the Australian economy
Export to the world
- Support Australian companies to develop scalable service delivery models
- Attract multinationals to use Australia as base for reach into the Indo-Pacific region
- Develop cyber security as educational export
Lead in cyber education
- Attract and retain best and brightest
- Ramp up efforts to embed world leading cyber security education and training
- Create vibrant, industry-led professional development pathways
Benefits
- Thriving and dynamic, globally competitive cyber security sector
- New jobs and increased revenue
- Support for Australia’s national security through effective, sovereign cyber security capability
- Foundation for future success of all industries across the economy through digitally driven growth
FOREWORD
Michelle Price
Spending on cyber security worldwide is expected to soar over the next decade.
Cyber security is one of the most rapidly expanding sectors worldwide. Global spending on cyber security products and services is expected to increase by 88 per cent over the next eight years, from around US$145 billion today to almost US$270 billion in 2026. In Australia in 2018, external spending on cyber security products and services grew by eight per cent to A$3.9 billion. This compares with six per cent growth in 2017.
While Australia’s cyber security sector is still developing, there is the potential to capture a significant share of the growing global cyber security market.
The sector is quickly growing in maturity and size, with an increasing number of home-grown success stories.
The 2019 update to Australia’s Cyber Security Sector Competitiveness Plan again draws on extensive industry consultation and research to provide an updated 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.
READ MOREPlan at a glance
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Executive summary
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Global outlook
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Growth opportunities for Australia
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Challenges to sector growth
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Building a competitive sector
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More about AustCyber
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Additional information
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