A hub for the economic growth and innovation of the cyber security sector has opened in NSW.
The NSW Cyber Security Node is one of five nodes that have been created in partnership with AustCyber.
With manufacturers increasingly exposed to cyber threats due to the uptake of digital production solutions and industrial internet of things (IIoT) devices, the cyber security node hopes to provide the manufacturing industry with practical security solutions for protecting their computerised assets.
Announced by Karen Andrews, Minister for Industry, Science and Technology, along with her NSW counterpart, NSW Minister for Finance and Small Business, Damien Tudehope, both governments seek to provide businesses with solutions through advances in cyber security.
“This new node in Sydney, backed by AustCyber and the NSW Government, will bring together start-ups, corporations, universities, researchers and government agencies to share expertise and create new ideas,” said Andrews.
According to Andrews, the global cyber security market will be worth US$250 ($356.5) billion by 2026.
The Cyber Security Innovation Node will be located on the same premises as the Joint Cyber Security Centre and builds NSW’s capabilities in cyber security, with the state already the leading user of cyber security products and services.
“Together with our launch of the NSW Cyber Security Industry Development Strategy last year, the establishment of the node is a further important step taken by the NSW Government towards strengthening our cyber capabilities,” said Tudehope.
In November last year, the NSW government launched the Cyber Security Industry Development Strategy. The strategy focusses on growing the cyber security industry and its local capabilities through research and collaboration across sectors, drive the growth of start-ups and SMEs in the field of cyber security and attract investment while growing a skilled workforce in this area.
“An AustCyber Node in NSW will help local cyber security companies of all sizes – not just start-ups – grow their market share by connecting into the broader national cyber security ecosystem and gaining access to international market opportunities,” said Michelle Price, CEO of AustCyber.
Annually, Australian businesses spend $4.3b on cyber security, with revenue to grow to $6b by 2026.