Victoria’s Cyber Strategy 2021 recognises the increasingly digital nature of our world. Reliance on technology to deliver government services, from public healthcare to vehicle registration, has never been greater.
The first Victorian Government Cyber Security Strategy 2016–2020 focused on understanding risk, establishing baseline capability and responding to cyber incidents across the Victorian Government.
It is now time to expand our focus. We will proactively help Victorians and Victorian businesses.
As Victorians take advantage of technology for work, education and entertainment, they are increasingly at risk of malicious cyber activity. Australians report a new cyber-attack to the Australian Cyber Security Centre every 10 minutes. One-in-four of these attacks involves Victorians who have fallen victim to cybercrime.
The financial and emotional impacts are significant. The Victorian Government’s role in managing cyber risk is not only an essential part of protecting Victorians, but also supports Victoria’s economic growth.
The global cyber security sector is expanding rapidly, and Victoria is no exception. By 2026, the global cyber market is forecast to grow to $270 billion and Victoria’s cyber industry will reach $4.7 billion. This presents a significant opportunity for Victoria to cultivate local cyber expertise, skills and capability to help boost cyber resilience across the state.
Victoria’s Cyber Strategy 2021 will promote Victoria as a leading jurisdiction for people wanting to develop a career in the cyber sector. Prior to the COVID-19 global pandemic, Australia’s peak cyber industry growth centre, AustCyber, estimated that an additional 18,000 cyber security roles will be required nationally by 2026.
This strategy will harness significant opportunities for Victoria, including:
- jobs for Victorians in cyber risk management
- support for local cyber businesses and start-ups to develop and up-scale, boosting local economies
- more opportunities for economic development through direct foreign investment and the growth of cyber skills and expertise in Victoria’s technology ecosystem
- development of a dynamic and competitive cyber sector, underpinning innovation, economic recovery and jobs growth.
Victoria’s ICT industry alone includes almost 20,000 businesses, almost 140,000 employees and annual revenue of $38.4 billion (almost 9 percent of GDP). Victoria is also home to many technology or internet-based companies, of which the top 10 have a market value of $66.74 billion and annual revenue of $7.7 billion.
Uplifting Victoria’s cyber industry capability can provide government, industry and the community with access to the local talent, expertise and tools needed to manage cyber risk. We can accelerate Victorian businesses' transition to move more services online, removing barriers for government to adopt new digital technologies, and facilitating partnerships with academic and research institutions that drive local innovation.
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