Australia is well placed to become a global cyber security powerhouse. As organisations increasingly rely on digital technology and data, the need to protect people and assets from malicious cyber activity is growing. This strong demand for cyber security is creating substantial economic opportunities for Australia.
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$131 billion today to almost US$250 billion in 2026.
Australia’s cyber security sector has the potential to capture a significant share of the growing global cyber security market.
While Australia’s cyber security sector is still developing, it has the potential to capture a significant share of the growing global cyber security market. As such, the Australian Government has identified cyber security as one of six industry sectors considered vital for the long-term prosperity of the Australian economy.
Strong, sovereign cyber security capabilities are vital for Australia’s national security and economic prosperity.
A thriving and dynamic cyber security sector in Australia will create new jobs and revenue, but is equally important to enable the domestic and international success of other Australian industries. Supporting cyber resiliency across the Australian economy improves our nation’s overall security. A globally competitive Australian cyber security sector will ultimately underpin the future success of every industry in the national economy, by promoting greater trust in Australia as a safe and desirable place for businesses to pursue digitally driven growth.
In support of this goal, this plan updates AustCyber’s Cyber Security Sector Competitiveness Plan 2017, to reflect the rapid evolution of this dynamic sector. The 2018 Sector Competitiveness Plan 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.
This update includes two new features – a deep dive into the skills and workforce gap, which is one of three key issues holding back the sector’s growth, and a scorecard summarising progress on actions over the past 12 months to advance Australia’s cyber security sector.
The aim is to invigorate the cyber security industry across business, research and consumer segments to drive growth in the ecosystem, increase exports of Australian solutions, and support Australia to become the leading global centre for cyber security education.
The companion document, Cyber Security: A Roadmap to enable growth opportunities for Australia, which AustCyber developed with CSIRO Futures, sets a pathway to success for cyber security businesses to proactively develop tailored, exportable solutions that could be implemented across other sectors of the Australian economy. Together, this Plan and the Roadmap are guiding documents for sector growth.
The past year has seen progress in several areas, with the industry galvanising and investing for the future. Australia is in a strong position, but the next 12 months are critical. More needs to be done to ramp up the momentum – including targeted government and industry investment in skills and workforce development, backing for focused research and commercialisation that plays to Australia’s strengths, and support to remove market barriers to allow local companies to innovate, grow and export their solutions the world.
We will all reap the benefits of ensuring Australia becomes a global industry leader in the growing cyber security marketplace.
AustCyber Chief Executive Officer