Cyber risks and the growing demand to protect businesses, governments

Cybersecurity is a field becoming increasingly significant due to the continued and growing reliance on computer systems, the internet and wireless network. Smart devices and other devices that constitute the Internet of Things are complex both in politics and tech; due to their growth in the marketplace cybersecurity is now one of the major challenges in the contemporary world.

In Australia cybersecurity providers and workers exist more than ever before, wherein 2020, approximately 350 providers make up the domestic sector. The workforce has grown by 4,000 since 2016, reaching approximately 26,500 individuals who work for providers to support businesses and governments in improving their cyber capabilities.

Australia spent approximately A$5.6 billion on cybersecurity in 2020, with demand expected to reach A$7.6 billion over the next three years.

Digitisation is continually exposing businesses to more threats, causing overall threat environment to take place as a standard practice. In the past year, there have been several high profile attacks such as against the NSW government agencies, Toll Group and Pay ID. In response, governments and regulators are requiring stronger security for critical digital infrastructure and systems of national significance.

New, innovative SMEs have emerged in this sector more than ever in 2020, with many of their customers being governments or defence organisations. Investments and startups account for approximately A$800 million in market share revenue (around one-quarter of the sector’s total value). Entrepreneurs in this space are expected to cause growth in jobs far outpacing the national average (6% employment growth in the sector between 2017 – 2020 compared to the 2% national average).

Cybersecurity underpins the digitisation and growth of the entire economy meaning it has a much greater impact on Australia’s overall employment through indirect jobs, economic recovery.