What can we expect in the cybersecurity space next year?

We have almost entered the third decade of 21 century, and the new economy we see now is a digital economy which is not restricted to a limited number of industries. Still, it has become the core of the whole economy. It is because of digitisation that it is possible to have improved productivity, access to more markets and development of new products that take care of the problems that existed in the older products.

With the improvement and advancement in the digitisation, the scope of malicious cyber activity also started increasing. It begins from online fraud like scams via email, website, or chatroom to sophisticated cyber espionage and even catastrophic disruption of crucial infrastructure, like phone lines or power grids.

In present times, cybercrime is not just limited to the organisation but has become a considerable threat to the nation's security, stability, and prosperity.         

Australia’s Cyber Security Sector in 2020

As per AustCyber's Digital Census 2020, the demand for cybersecurity continues to grow. In 2020, the spending on cybersecurity in Australia was nearly A$5.6 billion from both local and global providers. Experts believe the spending would surpass A$7.5 billion by 2024. The core drivers of the demand are:

• With the increase in digitisation, the exposure to cyber threat in businesses has increased.
• The complete threat environment is rising with numerous high-profile attacks like Toll Group, NSW Government agencies and PayID since 2019.
• Government and regulators need robust security for crucial infrastructure and system of national importance.

Since 2017 till July 2020, the local sector revenue has grown up by A$800 million and is expected to reach by A$3.6 billion by 2020 closure.

What is needed in the next phase of growth?

In the next phase of growth towards digitisation, cybersecurity would play a critical role to support rapid digitisation and capture emerging export opportunities.

The rise of the digital assets and tools allows malicious actors to place their data and information for their benefits. Thus, bringing the privacy and information of the user at risk. Hence, it is essential to have a robust and thriving local cybersecurity sector to aid the digitisation process in the Australian economy. The role of cybersecurity is presently more critical in sectors like energy, healthcare and research or education.

The Australian Government has also realised the importance and criticality of cybersecurity in digital transformation. The Government also feels the need to improve cyber protection.

In the next phase of the growth, it would be vital to adapt to secure by design and complex value chain. Earlier, the concept related to cybersecurity was that the product and services acted as a shield to protect digital assets. Other essential cybersecurity offering is in risk management and forensics and prevents risk and threats and recover losses in case any breach takes place.

Recently a new conceptual approach has come into picture novel technology and systems. In this concept, instead of beating cybercriminals, digital technology would be built in a way that prioritises security and reduces weakness. The idea is known as secure by design and recognises digital system so that security is the main criteria that engineers improve.

Cybersecurity Budget in Federal Budget 2020-21

Australia's cybersecurity capabilities are strong, however, during COVID-19, the number of cybersecurity cases went up significantly because of people were operating from a remote location. In the federal budget 2020-2021, the Government provided an additional budget of A$201.5 million to deliver the 2020 Cyber Security Strategy.

Further, the Government is committing A$300.2 million to the Australian Federal Police to strengthen their capacity to keep Australians safe in an increasingly complex threat environment.

The Government would also invest A$37.7 million in expanding Australia's cybersecurity skills for an industry that adds ~ 20,000 jobs to the economy.

Do Watch: What are the Industry Reviews on Federal Budget 2020? |Kalkine Market Update AUS|

Possible Digital Transformation trends in 2021:

• 5G would be in the mainstream.
• We might see more and more companies moving towards the hybrid cloud.
• Privacy and confidential computing gain momentum. It would be an approach to bolstering cybersecurity, especially when communication and data privacy is addressed.
• Work from home last longer than COVID-19.
• Quantum computing would grow significantly.

Upcoming Opportunities in Cybersecurity space:

In early 2021, a new market information tool would be launched with support from AustCyber. This new market information tool  is known as Cyberseek, and It will provide information on:

• Cyber skills demand by region throughout Australia.
• Qualification and certification need for cyber roles.
• Indicative salaries.
• Transition pathways, as well as role progression.

Collaboration between Australian providers to boost Competitiveness:

Australian cybersecurity is developing a rich network of collaboration, especially in product and service delivery and commercial functions.

In vertical collaboration, cybersecurity providers like Kasada develop offerings on technology platforms such cloud system of Amazon.

In a horizontal collaboration between the providers, there would be matching abilities and can offer a more complete solution to clients.

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