Sydney, May 14: Australia’s cyber security industry faces significant challenges in maintaining global competitiveness and addressing a widening skills gap, according to AustCyber’s latest Cyber Security Sector Competitiveness Plan (SCP).
The report highlights a critical need for increased private investment, enhanced startup support, and stronger government incentives to bolster the sector.
Despite a 60 per cent growth in the sector’s Gross Value Added to nearly AUD$4 billion and an increase in local cyber security companies, Australia ranks 53rd in cyber security and 62nd in entrepreneurship globally.
This decline in competitiveness emphasizes the urgent need for a diversified strategy and continuous investment in skills development.
Chris Kirk, CEO of AustCyber, emphasized the importance of a strategic approach: “These findings come at a pivotal juncture in Australia’s cyber security sector, which is undergoing immense change and challenges led by a rapidly digitising economy and escalating global threats.
It’s clear we need to fortify the competitiveness of Australia’s cyber security dramatically, and must do so with a focus on workforce and a long-term, consistent, diversified investment in cyber security.”
The SCP report also points to a severe cyber skills shortage, with an additional 85,000 dedicated roles needed by 2030—a 66 per cent increase.
Australia reported over 12,500 unfilled cyber security positions in 2023, indicating a critical shortage of skilled professionals.
Professor Matthew Warren from RMIT Centre of Cyber Security Research highlighted the urgency of addressing the skills gap: “We cannot run before we walk, and right now, the Australian cyber security industry does not have the depth of dedicated, skilled cyber security workers required to strengthen Australia’s security posture against the increasing sophistication, ferocity and prevalence of cyber security threat actors.”
The report calls for better educational and training pathways and initiatives to include under-represented groups to ensure a robust and competent workforce capable of defending against sophisticated cyber threats.
Without such efforts, Australia risks falling further behind in the global cyber security arena.
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