Robust cybersecurity sector measurement critical for growth

Thursday, 09 January, 2020

Robust cybersecurity sector measurement critical for growth

Australia needs to get better at measuring its cybersecurity sector if it’s going to sustain growth, improve policies and boost economic productivity, according to AustCyber.

The message comes as part of ‘Australia’s Cyber Security Sector Competitiveness Plan 2019’, which provides an updated view of the opportunities and challenges to and priority actions for achieving a globally competitive cybersecurity sector that enhances Australia’s future economic growth. It also features a ‘deep dive’ into the importance of having a robust measurement of the sector’s development and economic impact for commercial decision-making and progress tracking.

“A clear view of the maturity and size of Australia’s cybersecurity sector is essential for strategic growth. Good policy and future investments are contingent upon policymakers, entrepreneurs and investors having a strong picture of the sector on which to make informed decisions,” said AustCyber CEO Michelle Price.

Currently, Australia has only broad estimates around cybersecurity sector revenue and spending on relevant goods and services, with a lack of quality data and difficulties segmenting the sector preventing researchers from gaining more accurate figures.

For a clearer picture, AustCyber recommended the Australian Bureau of Statistics incorporate the cybersecurity sector into its regular measurement program “either as part of a revamped industry classification code or as a satellite measurement account alongside other technology sectors”.

In the short term, however, AustCyber believes independent measurement using public data, surveys, interviews, government business records and proprietary private databases could help fill the knowledge gap.

“The measurement of fundamental economic metrics such as the size of the sector and its value added to the economy can serve as a foundation to more sophisticated analysis, such as the broader impacts of cyber innovation across the economy, including its role as an enabler of growth and its contribution to overall prosperity,” Price said.

The document is accompanied by the Australian Cyber Security Industry Roadmap and the CISO Lens Benchmark 2019 — the latter of which aims to help executives assess and make evidence-based decisions around cybersecurity strategy and resource allocation.

Image credit: © Planet Studio

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