The Australian cyber security market is increasing rapidly due to increasing malicious cyber activities in Australia. There is an increase in malicious cybercrimes range from small scams to large cybercrimes which include phishing, hacking, identity theft, a denial-of-service attack (DoS attack) and so on. Malicious cyber activities have tremendous potential to affect the individual’s or organization’s reputation and business. Additionally, these activities are harmful to a nation’s security stability and prosperity. There are basically two types of large cyber-attacks that include cyberterrorism and cyberwarfare.
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Factors Driving Australian Cyber Security Market
Australia has become one of the most prone countries to cyber attacks. Every year in Australia, there are thousands of data breaches and malware attacks to organizations, research institutes, and businesses. Most of these breaches affect small businesses; occasionally there are major cyber breaches that have impacted larger organizations and a huge amount of people. Due to this, the need for cyber security forces is increasing in the country. The AustCyber (Australian cyber security growth network) which is an Australian organization mainly deals in growing Australian cyber security ecosystem and exporting Australian cyber capabilities across the globe. AustCyber published its Competitiveness Plan. Primarily of government-funded agencies, it reports that Australia is one of the most capable countries in cyber security space. Due to this report, the investment in Australian cyber security is also increasing which in turn is boosting Australian cyber security market.
One big attack was recently held on the Australian Parliament when some foreign state-sponsored hackers breached the Australian parliament’s computer systems. However, Australian defensive agencies detected it and confronted this attack. This attack revealed the need for investment in cyber security in Australia which is big trouble to National security of Australia as well as its allies.
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Another attack on Australian National University where the university was under cyber attack and the cyber hackers gained the information of about 200,000 students and staff. Additionally, the university has links with the government, defense, and intelligence agencies of Australia. It was the 2nd big attack on the university in just a year, it raised concerns that foreign forces are trying hard to capture delicate information about students and may miss use it in the future.
Segmentation Analysis of the Industry
The Australian cyber security market is segmented on the basis of security type and verticals. Based on the security type, the Australian cyber security market is further classified into network security, cloud security, application security, mobile security, and others such as end-point security, content security. Based on the verticals, the Australian cybersecurity market is further segmented into BFSI, IT & telecom government & defense, healthcare, and others.
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Industry Key Players
The major players that contribute to the growth of the Australian cybersecurity market include Cisco Systems Inc., Symantec Corp., Palo Alto Networks, Inc., McAfee LLC, IBM Corp., Vectra Corp. Ltd., NTT Security GmbH, Nuix Pty Ltd. and many others. The players operating in the market adopt various strategies such as mergers and acquisitions, partnerships and collaborations, product launch, and geographical expansion.
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