Why this is important to Wisconsin businesses: The Australian government has declared this a priority and is allocating funds to assist companies.
Digital innovation has been a major driving force in global economic development over the last few decades. In Australia, firms have embraced digital innovation resulting in the integration of technology across key industries. With our increasing reliance on technology comes a need for solutions that protect these systems from security breaches and privacy threats.
The Australian government has declared it a priority to develop these solutions, and in 2019 pledged $156 million AUD ($107 million USD) for this purpose. The establishment of the Cyber Security Growth Centre is further evidence of Australia’s commitment in this area.
AustCyber and CSIRO estimate that by 2026 the cybersecurity industry will triple in revenue to $6 billion AUD ($4 billion USD). In addition, CSIRO/AlphaBeta Advisors estimates that by 2020, between 20 billion and 30 billion objects will be connected to the internet of things (IoT). Given this reality, cybersecurity solutions can safeguard key infrastructure and protect the integrity of data and systems.
Australia presents a unique opportunity for Wisconsin exporters due to its predicted rapid growth, along with strong existing demand and the capacity constraints that prevent most Australian companies to implement their own cybersecurity solutions. In addition, Australia’s proximity to the Indo-Pacific markets presents significant opportunity for further expansion due to those economies’ rapid digitization.
CSIRO/AlphaBeta Advisors recommends tapping into opportunities in Australia’s sectors of strength, including health care, agriculture and mining. These industries have pre-established demand and competitiveness. Key priorities of these industries will be ensuring data and systems are part of a trusted network that is secure, robust and resilient.
Wisconsin exporters should familiarize themselves with Australian regulations when considering entering this sector. Relevant regulations include the Privacy Act 1988, the Notifiable Data Breaches Scheme and various industry-specific regulations.
Wisconsin exporters interested in entering the cybersecurity market in Australia are encouraged to: