Cyber security sector lost $405M in revenue in 2017

[InfoSec News <alerts () infosecnews org>]

https://www.arnnet.com.au/article/650124/cyber-security-skills-shortage-cost-405m-australian-businesses-2017/

By Samira Sarraf
arnnet.com.au
28 November, 2018

The updated Sector Competitiveness Plan (SCP) from AustCyber revealed 
skills shortage in Australia's cyber security sector is more severe than 
initially estimated and is resulting in economic costs.

In 2017, the domestic cyber security sector is estimated to have forfeited 
up to $405 million in revenue, according to the report, which companies 
could have generated if they had been able to find enough cyber security 
workers to fill existing vacancies.

The Australian Cyber Security Growth Network's (AustCyber's) updated plan, 
stated that Australia may need almost 18,000 additional cyber security 
workers by 2026 for sector to harnesses its full growth potential.

There is, however, a "tremendous" market opportunity according to the 
report as global annual spending on cyber security increased by 7.4 per 
cent to US$131 billion in 2017 and is expected to remain robust in coming 
years.

[...]



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