Market Trends of Australia Cybersecurity Industry
This section covers the major market trends shaping the Australia Cybersecurity Market according to our research experts:
Data Security to Show Significant Growth
- The growing demand for digital technologies and the digital economy is driving growth opportunities for cybersecurity. The Australian Government has delivered strong actions in recent years to meet this evolving digital ecosystem while securing the data through strong privacy laws. For Instance, NCSC collaborates with US and Australian partners to highlight the most recent ransomware trends.
- As part of the federal Government's broader digital economy strategy, the Australian Department of Home Affairs has begun work on a new national data security action plan. According to Home Affairs Minister Karen Andrews, the action plan would secure individuals' personal information acquired, processed, and stored on digital systems and networks from those who would undermine security.
- Various companies in the country have also been investing in expansion activities to improve their regional presence and enhance their market position. For instance, in May this year, Willyama Services, a sovereign Australian, Indigenous, and veteran-owned technology company, launched a new subsidiary business named Willyama Cyber in Canberra. The company is the Defense Industry Security Program (DISP) cyber provider and has provided critical cybersecurity services to Defense and industry supply chains for several years.
- According to the Australian Cyber Security Centre, Cyber security incidents across the Government sector reported the highest percentage of 24%. Increasing cyberattacks in the country have propelled Australia to strengthen its defensive capabilities. However, the Government is also a major source of origin for cyberattacks.
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BFSI Drives the Market Growth
- Key players in the cybersecurity services market are focusing on expanding their businesses and strengthening their cybersecurity services through collaborations and partnerships. For instance, CyberCX announced a three-year deal with the Water Corporation of Western Australia to provide a Security Operations Center (SOC) and Cyber Managed Services (CMS).
- In recent years, the Cyber Security Review found that cybercrime costs the Australian economy up to USD 1 billion annually in direct costs. The country's government and public sector organizations are in a more vulnerable position against cybercrime threats than ever before.
- Another factor was the influence of the COVID-19 pandemic, which pushed the BFSI sector to start moving towards digitizing products and reducing human contact. For example, Medibank admitted that in a cyber attack, names, addresses, Medicare numbers, and phone numbers of some of its customers were stolen.
- As a result, the Australian government launched several Joint Cyber Security Centers (JCSC) in the country to promote cybersecurity across the government, business, and academia. This is part of the government's USD 47 million JCSC program that bridges the gap between multiple public and private companies.
Further, in April this year, the Australian Cyber Security Centre (ACSC) also released a Joint Cyber Security Advisory on Russian state-sponsored and criminal cyber threats to critical infrastructure that could impact organizations within and beyond Ukraine. The advisory recommends several immediate actions for all organizations to take to protect their networks, which include prioritizing patching of known exploited vulnerabilities and enforcing multifactor authentication, among others.
