Australian businesses need to fully embed cyber security in their operations to remain competitive in an increasingly digital environment, according to a new industry roadmap prepared by the CSIRO and the Australian Cyber Security Growth Network (AustCyber).
The Cyber Security Industry Roadmap, which is accompanied by AustCyber’s Cyber Security Sector Competitiveness Plan, illustrates both the challenges and opportunities cyber security presents to the Australian economy.
It's a rapidly growing industry world-wide, estimated to be worth around US$131 billion in 2017, and forcast to expand to US$250 billion by 2026. In Australia the industry is still small, with a total revenue estimated at $2.2 billion in 2016. But the sector is set to triple its revenue to $6 billion over the next decade. In parts, this growth is driven by increasing demand from Australian organisations, many of which rely on external services to protect their digital systems.
In December, the Australian Government launched a $10 million cyber security initiative as part of its Cyber Security Small Business Program.
Over the next two years, eligible small businesses can apply for grants of up to $2100, covering half the cost of having their cyber security tested by service providers approved by the Council of Registered Ethical Security Testers Australia New Zealand (CREST ANZ)
The second component of the Cyber Security Small Business Program is a $2 million grant to CREST ANZ, enhancing its capacity to help small businesses with cyber security.
An advantage for the Australian cyber security sector is that it can build on its internationally competitive research base, and Australia's small but well-developed market provides an testing ground for pilot programs that can then be rolled out in larger economies.
However, the major focus of the report is the potential impact of cyber security on the growth of priority areas of the economy that are targeted by the Government's Growth Centres initiative (Medical Technologies and Pharmaceuticals; Mining Equipment, Technology and Services; Advanced manufacturing; Oil and Gas; Food and Agribusinesses).
The digital transformation of businesses in these sectors will present numerous opportunities, but also a growing threat from malicious activities.
Increased data exchange is leading to new business models and technologies, and the enhanced and increasingly personlised experiences is driving changes in people's expectations and behaviours. Globally connected markets are becoming enablers for trade, and transformed supply chains are increasing efficiencies and blur traditional boundaries.
For Australian businesses to fully benefit from these trends they will have to incorporate cyber security solutions that not only make their operations more effective, but improve the reputation of products and services made in Australia.
The report details a framework of actions structured around three broader themes:
These themes play a role across the priority sectors, but effect each in different ways, the report finds. Therefore, realising the themes requires actions that are tailored to the unique circumstances of industries, and collaboration between the Australian cyber community and businesses, research institutes, governments, industry associations and the Industry Growth Centres.