Australia is well placed to become a global cyber security powerhouse. Its promising strength in core research areas like quantum computation and secure third-generation microkernel, its well-developed services economy and the quality of its education system make it an ideal growth environment for organisations offering innovative cyber security solutions. While cyber security is a nascent industry in Australia, this report shows that favourable market conditions and concerted efforts could lead to tremendous growth. Over the next decade, the Australian cyber security industry has the potential to almost triple in size, with revenues soaring to A$6 billion by 2026, from just over A$2 billion today (Exhibit 14 refers).
Underpinning this attractive outlook are expectations that demand for cyber security will increase dramatically in coming years—particularly in the Indo-Pacific region—as cyber criminals are becoming ever-more astute in their malicious activities, emboldened by the growing number of electronic devices they can target in an ever-more connected world. In response, the cyber security industry will become larger, more diverse and more sophisticated in servicing the security needs of organisations concerned with managing their cyber risks.
Recognising that strong cyber security is a foundation for economic growth and prosperity, the Australian Government last year launched its national Cyber Security Strategy, which elevated cyber security as an issue of national importance. The strategy, backed by around A$230 million of funding, made strengthening the local cyber security industry one of five areas of priority action to support sovereign capability development and ensure Australia takes advantage of the significant economic opportunities in the global cyber security market. It includes several initiatives designed to enable cyber security innovation, support the development of new cyber security businesses, promote the export of Australian cyber security products and services and ensure cyber security research and development meets industry needs…Click HERE to read full article.