A Cyber Security Innovation Node will be established in NSW as part of a national network to accelerate the growth of the cyber security industry.

Minister for Trade and Industry Niall Blair said the Node would be a partnership between the NSW Government and AustCyber, the national Australian Cyber Security Growth Network.

The announcement follows the launch this month of the NSW Cyber Security Industry Development Strategy and the launch in September of a cyber strategy focused on protecting government data services.

“The NSW Cyber Security Innovation Node announced today will focus on building our industry and helping our cyber companies grow and create jobs,” Mr Blair said.

“Cyber security is a fast-developing sector that knows no market boundaries. We don’t just want NSW to be at the front of Australian efforts, we want our companies kicking goals on a global scale.

“NSW is in a strong position with Australia’s largest ICT and startup sectors. The Node will create the right conditions for the industry to prosper, and ensure anyone who wants to work in the cyber industry has all the support they need in NSW.”

There are about 19,000 people employed in Australia’s cyber security sector. Australian businesses spend $4.3 billion a year on cyber security (with most activity in NSW), and industry revenue is forecast to reach $6 billion by 2026.

Bringing together industry, government and research organisations

The NSW Cyber Security Innovation Node will be coordinated by the NSW Cyber Security Network which is supported by the NSW Government and universities and aligned with AustCyber’s national agenda of sector growth.

“The Node will develop and run programs bringing together industry, government and research organisations to take our cyber security industry forward,” Network Director Todd Williams said.

“We will focus on growing our businesses and exports, building R&D links, encouraging innovative technologies, and developing industry skills.

“The Node will also connect cyber companies with NSW initiatives like the Boosting Business Innovation Program which links businesses to universities for R&D projects, and Business Connect which provides advisory support for businesses.

“We will work with NSW agencies including the Department of Industry; Department of Finance, Services and Innovation; and the Office of Chief Scientist and Engineer who will also contribute to the Node and industry growth efforts.”

Huge increase in spending on cyber security products

AustCyber CEO Michelle Price said global spending on cyber security products and services is expected to increase by 88 per cent over the next eight years, from around US$131 billion today, to almost US$250 billion in 2026.

“An AustCyber Node in NSW will help local cyber security companies of all sizes – not just start-ups – connect into the broader national cyber security ecosystem. AustCyber will help them find customers and investment, improve commercialisation, connect to export markets, and grow a more coordinated founder community.”

Dr Maria Milosavljevic, the NSW Government’s Chief Information Security Officer, said: “The NSW Government’s cyber security capacity will be enhanced over the long term by the Node’s work on cyber security industry development, including having a point of contact for collaboration between government, research, and industry organisations.

“This work will also benefit our own efforts to uplift cyber security capability across NSW Government as part of our broader goal to create a cyber safe NSW.”