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The NSW government has launched the first Cyber Security Industry Development Strategy to support the development of a sector worth more than $2 billion nationally.
Cyber security has emerged as one of the most high-profile, cross-sectoral and rapidly evolving challenges in the digital environment, where internet-enabled technologies converge with daily living and business operations.
This environment has stimulated innovation in products and solutions that counter malicious activity with national employment of around 19,000 people. Over the next decade, the Australian industry has the potential to almost triple in size, with revenues forecast to soar from just over $2 billion in 2018 to $6 billion by 2026.
The NSW Cyber Security Industry Development Strategy has identified four strategic themes to support the sustainable growth of the cyber industry:
- Support innovation and collaboration to drive commercial outcomes in cyber security;
- Support start-ups and small-to-medium enterprises (SMEs) to increase investment in, and commercialisation of, intellectual property;
- Grow exports and attract investment in the NSW cyber security sector; and
- Close the cyber security workforce skills gap.
Minister for Finance, Services and Property Victor Dominello announced the strategy on Wednesday at a cyber battle featuring former military cyber-security professionals who are leading the sector.
"NSW starts from a strong baseline and is already home to the largest ICT industry in Australia, a world-leading financial services sector, a rapidly expanding fintech industry and more than 45 per cent of the nation’s start-ups," he said.
The strategy focuses on four key themes with actions to drive innovation and collaboration with government, industry and research organisations, support start-ups and SMEs, grow exports and attract investment and build a skilled workforce.
The cyber battle was hosted by fintech accelerator Stone and Chalk, which supports cyber security start-ups, and WithYouWithMe, a skills matching service for former defence personnel.
"This strategy will take advantage of these existing strengths and supporting our cyber security start-ups and SMEs to develop new technologies to commercialise and export globally," Minister Dominello said.
More information, including the NSW government's Cyber Security Industry Development Strategy is available here.
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