It’s being hailed as a golden age for Australia’s cyber industry—$6.13 billion in annual revenue, a workforce expanding faster than ever, and nearly $10 billion injected into the national economy.
But beneath the polished press release of the Australian Cyber Network’s inaugural State of the Industry 2024 report, another story flickers beneath the surface. One less about triumph—and more about quiet failure.
Cybercrime is no longer a crisis. It's a business model.
While private investment in cybersecurity companies surged to $348 million in 2024—more than tripling since the previous year—so did the criminals' grip. Forty-seven million data breaches ripped through our networks, making Australia the 11th most breached country in the world.
Our critical infrastructure now ranks 4th most targeted globally. And still, the tone of the report remains one of progress.
It’s like praising the profits of a security firm while someone is robbing the building next door.
The Industry That Needs Its Own Cure
The numbers are contradictory, almost absurd. A cybercrime is reported every six minutes. The average cost for businesses per report is down 8%. Yet for individuals, it’s up 17%, hitting an average of $30,700. The truth? Big corporations have the resources to fight back. But individuals—everyday Australians—are becoming collateral damage in an invisible war they never signed up for.
Ironically, the cyber industry’s growth now depends on the very threats it’s trying to eliminate. No breaches, no budget. No attacks, no innovation. In quiet whispers, some insiders call this the "arms race paradox"—a sector that cannot afford peace.
Jobs, Gender, and the Glass Firewall
There’s no question the sector is hiring. Over 137,000 Australians are now employed in cyber roles, a 9.27% increase over the previous year. The forecast? A sprawling 193,000-strong workforce by 2029.
But behind the optimism is a stubborn reality. Only 25% of the workforce is female. A small gain, yes—but in a country battling unprecedented digital threats, we can't afford to leave half the population underrepresented in the solution.
And the structure of the industry? Dominated by micro and small companies—those with fewer than 20 employees make up 75% of the entire sector. Many of these firms are scrappy, brilliant, but underfunded. The frontline is manned by passionate people with limited resources, fighting off global adversaries with startup budgets.
Are We Winning, or Just Surviving?
Almost every cyber company in the country—97% of them—is Australian-owned. It’s a rare bright spot in a tech landscape often overshadowed by multinational giants. But that nationalism doesn’t translate to security.
Because in the quiet spaces between the numbers, one thing is clear: Australia isn’t just growing an industry. We’re growing an ecosystem that depends on insecurity to thrive.
And maybe that’s the real danger—one we won’t be able to patch.
