Australia Boosts Cybersecurity Strategy With $387M Funding

The Australian government is set to see a significant boost in its cybersecurity industry, with a new funding package worth $387 million announced as part of the nation’s seven-year cybersecurity strategy.

Under the new strategy, the government said it will work to develop six “cyber shields” – strong businesses and citizens, safe technology, world-class threat sharing and blocking, protected critical infrastructure, sovereign capabilities and resilient region and global leadership.

Investment into these areas will, the government said, help realize its vision of “becoming a world leader in cyber security by 2030.”

Cyber Security Minister Clare O’Neil said the initiative follows a “decade of malaise” in the nation, saying Australia has become a laggard in cybersecurity defense. 

With the rise of technologies such as AI and machine learning, the threat landscape is anticipated to change, with the rise of these technologies bringing increased, and new kinds, of risks.

Developing the nation’s cybersecurity industry is also being pitched as providing significant potential in terms of both economic growth and job creation. 

“The global cyber industry is massive and it is growing rapidly, and it is here to stay,” said O’Neil. “If we play it right, Australia is uniquely placed to create well-paid jobs for Australians and products that we can export all over the world. It is time for real and meaningful change…This strategy sets out our bold vision for Australia to be a world leader in cybersecurity by 2030.” 

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The strategy will be delivered in three phases. The first, between 2023 and 2025, will address “critical gaps” in existing cyber infrastructure, while between 2026 and 2028 the government said it will work on scaling “cyber maturity across the whole economy.”

Finally, the third phase will look to advance Australia’s standing in the global cybersecurity landscape and focus on developing emerging cyber defense mechanisms.

The $387 million fund follows the $1.5 billion from the Australian Signals Directorate for the country’s existing Cyber Security Strategy, delivered by the Australian Signals Directorate.

The news also follows the announcement of several new programs to help businesses prepare for, and respond to, cyberattacks.

For instance, the government of Albany in Western Australia has launched a new cybersecurity initiative for small and medium-sized businesses, following several hacks over the past year.

Under the initiative, the government said it is providing $4.73 million to establish a “voluntary cyber health-check program,” where businesses can take a self-assessment to determine their cybersecurity weaknesses and needs.

In addition, $7.2 million will be put into the Small Business Cyber Resilience Service, which provides a one-on-one service to businesses to navigate cyber challenges.