Cybersecurity in Australia
June 12, 2019
As one of the richest nations in the world, Australia is currently in a strong economic position. Over the last quarter century, Australia’s medium-sized AU$1.7 trillion economy (ranked 14th in the world), has proven exceptionally resilient, recording 27 years of uninterrupted economic growth.
Maturity in Australia’s cybersecurity sector means that Australia is well positioned to provide an ideal growth environment for cyber businesses, with existing strengths in core research areas such as quantum computation, wireless technology, trustworthy systems and niche high-value hardware. While the global cybersecurity market is forecast to grow rapidly over the coming years, cybersecurity spending in the Indo-Pacific region is expected to increase faster than the global average. Several Indo-Pacific countries (e.g. China, India, Malaysia, Singapore) are emerging as significant buyers of cybersecurity solutions, and according to AustCyber’s Cyber Competitiveness Plan, the region will account for approximately one-quarter of global cybersecurity spending by 2026.
This report is intended to provide Virginia exporters with a general overview of Australia’s cybersecurity sector, as well as offer specific insights into the status of cybersecurity in Australia’s healthcare, defense, critical infrastructure and banking, financial services and insurance sectors.