Australian cybersecurity sector facing big challenges

Australia’s cybersecurity sector is struggling with a shortfall in funding compared to international markets as well as a growing shortage of skilled workers, according to new research from AustCyber.

Released to coincide with AustCyber’s national flagship event Australian Cyber Week 2022, the research found that Australian cybersecurity startups receive 300 times less funding than international peer leaders.

Funding shortfalls are exacerbated by Australian cybersecurity companies’ focus on servicing the domestic market, which is tiny compared to the total market, representing just 2.1% of global cybersecurity demand, the research found.

Meanwhile, AustCyber predicts that there will be a shortage of 3000 cybersecurity workers in Australia by 2026, even as the number of cyber attacks in Australia doubles over a similar five-year time frame.

Also to coincide with Cyber Week, AustCyber is planning to release its fourth Cyber Security Sector Competitiveness Plan, prepared with the assistance of governments, industries and over 60 Australian cybersecurity companies.

Michael Bromley, Group CEO of Stone & Chalk, which merged with AustCyber in 2021, said the plan will be coming at a crucial time.

“In the most pressing time of our cybersecurity history, with cybersecurity becoming an increasing national concern, it is a critical and opportune time to share knowledge and insights that identify risks and opportunities, drive robust innovative discussion, deliver proposed solutions and encourage healthy national debate on our cybersecurity industry,” he said.

Image credit: iStock.com/Dmytro Yarmolin