Cyber security: ‘Enormous opportunities’ for Australian business

Government’s cyber security strategy to be unveiled 21 April

With the right support Australian businesses stand poised to grab a significant slice of the lucrative global security market, according to one of the prime minister’s top cyber security advisors.

That market is likely to be worth up to US$170 billion by 2020, Lynwen Connick — first assistant secretary, cyber policy and intelligence, at the Department of Prime Minister and Cabinet — said in remarks prepared for the Australian Cyber Security Centre 2016 conference.

“[W]e must encourage and support our local cyber security entrepreneurs to take advantage of this opportunity,” she said.

More generally, a strong cyber security environment presents enormous opportunities for Australian businesses, Connick said.

“Trust and confidence in the security of our systems will help grow our economy by enabling all business to access new markets and by fostering new business models including through adopting disruptive technologies enabled by trust in cyber space,” she said.

“We have a significant opportunity to capitalise on this business opportunity and seek our share of a growing global market opportunity.”

“Innovation is an enabler for achieving strong cyber security,” Connick said.

“We can only ensure our cyber defences are effective by implementing new ways to be resilient against the many attempted and actual compromises against Australian systems and networks every day.

“Innovative and agile thinking on cyber security will also help Australia take advantage of the digital opportunities in business and government. And help achieve a secure cyberspace, which is in our view also the best means to protect online privacy. But the success of broader innovation these days also depends on good cyber security.”

Read more: Encryption by default at 80%

Connick said that the government’s long-awaited cyber security strategy will be launched by Prime Minister Malcolm Turnbull on 21 April.

Although closemouthed on the details of the strategy, Connick noted that one initiative contained in it had already been announced: The $30 million ‘Cyber Security Growth Centre’ announced as part of the government’s ‘Innovation Agenda’.

“Cyber security requirements change rapidly as new threats constantly emerge,” Connick said.

“Close cooperation between industry, researchers and governments is necessary if we want to encourage the development of world‑class products and services the cyber security industry.

“The new growth centre will bring together industry, researchers and governments to create a national cyber security innovation network that combines existing research and innovation efforts and connects cyber security challenges to new ideas and solutions.

“This will help grow Australia’s cyber security sector and help all Australians and businesses be more secure online.”

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