WHY IMPORTANT TO WISCONSIN
Wisconsin companies in the industry may be able to help Australia reach its goals.
Australia wants to strengthen the nation’s cybersecurity.
Australia was ranked the world’s fifth most powerful cyber nation, according to the Belfer Center for Science and International Affairs National Cyber Power Index Report 2022. But after major breaches that occurred late that year, the government is seeking new solutions and industry is investing in stronger capabilities.
In 2020, Australia already was spending about $5.6 billion AUD ($3.7 billion USD) a year on cybersecurity products and services, according to the Australia Trade and Investment Commission. That figure is expected to grow to $7.6 billion AUD ($5 billion USD) by 2024.
A majority of Australian companies (60%) will increase their budgets for cybersecurity in 2023, PwC’s 2022 Global Digital Trust Insights Survey says.
According to the Australian Cyber Security Centre, during the 2021-2022 fiscal year, Australia’s companies, organizations, governments, and individuals reported that they were hit by a total of 76,000 cybercrimes, or one every seven minutes.
In addition, in September 2022, Australian communications giant Optus disclosed that about 10 million customers—40% of the population—had personal data stolen in a cyberattack, according to the BBC. And Medibank, the country’s largest health insurer, said personal data of nearly 10 million of its customers was stolen in October 2022 and some claims data were released after the company refused to pay a ransom.
To fight attacks such as those, the government is committing $101.6 million AUD ($69 million USD) over five years to support and improve cybersecurity, according to the Australian Information Security Association. The plan includes:
- Establishing a coordinator for cybersecurity
- Creating a cyberwardens program to support small businesses in bolstering their cybersecurity
- Continuing work to improve the security of critical infrastructure
- Starting a national anti-scams center to protect consumers and businesses
According to an April 2023 article in the Australian Financial Review, nearly 90% of Australian companies have yet to fully implement a robust cybersecurity system.
Wisconsin companies with advanced technology in the cybersecurity sector may find opportunities for their software and services in the Australian market.
