The Australian Federal Government has created a ten year plan which invests heavily in the cyber security sector. The government initially established a cyber security strategy in 2020, with the goal of ensuring full online security for individuals, businesses and essential services.
Project REDSPICE
The 2020 strategy involved investing $1.67 billion over ten years, and the additional spending laid out in this year’s budget will be evident in the Australian Project REDSPICE. Project REDSPICE is Australia’s response to the changing nature of cyber warfare. REDSPICE is an acronym for Resilience, Effects, Defence, Space, Intelligence, Cyber and Enablers. The Federal government hopes that the project will increase Australia’s cyber resiliency and responsiveness, while also stimulating offensive capabilities. The document cited the ever-increasing scale and complexity of cyber security threats as Australians become increasingly reliant on the Internet and Internet-connected devices.
Effect of COVID-19 on Australian Businesses
As more Australians are working from home due to the COVID-19 pandemic, the cyber environment has changed, allowing consumers to use the Internet for healthcare, education, entertainment and online shopping. A survey was conducted by Deloitte reported that almost 75% of Australian businesses had experienced as many as 10 cyber incidents or breaches during the last year. According to the UNSW Institute for Cyber Security, cyber crime alone was estimated to cost Australia up to $42 billion last financial year. The high level of demand for cyber security resources is unprecedented, and it is estimated that the cyber industry in Australia is expected to grow to become a $7.6 billion market by 2024.
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Author: Mahdi Kobeissi, Cyber Security Consultant