Key Findings from the Australian Cyber Network's State of the Industry 2024 Report
The Australian Cyber Network (ACN) has released its State of the Industry 2024 report, providing a comprehensive snapshot of Australia's cybersecurity landscape. This data-driven analysis reveals both promising growth and concerning vulnerabilities within the sector.
Economic Impact and Employment
According to the report, Australia's cybersecurity industry has become a significant economic contributor, generating nearly $10 billion in gross value added (GVA) to the national economy. The sector now employs more than 137,000 people, marking a 9.27% increase from the previous year.
This workforce expansion demonstrates the industry's continued growth trajectory, with projections indicating further employment opportunities on the horizon. The report highlights that diversity within the sector is improving, with female representation in cybersecurity roles increasing to 25%, up from 17% recorded in 2021.
Investment and Innovation
The ACN report reveals that Australian cybersecurity startups raised $348 million in funding during 2024. This investment represents a vote of confidence in local innovation and capability development within the sector.
However, commentary from industry stakeholders suggests there may be ongoing challenges in securing local investment. Some participants noted that Australia lacks specialist investors who deeply understand the cybersecurity sector, potentially limiting growth opportunities compared to more established markets like Israel and the United States.
Cybersecurity Threats
One of the most alarming findings from the report is the prevalence of cyber attacks targeting Australian organisations. According to the data, 69% of Australian businesses experienced ransomware attacks in the past year.
Additionally, Australia now ranks as the fourth most targeted nation globally for cyber attacks on critical infrastructure. This positioning highlights the country's vulnerability and the urgent need for strengthened defences across essential services and industries.
Industry Perspectives
The report functions not only as a statistical overview but also as a platform for industry voices. Contributors from across the cybersecurity ecosystem—including founders, Chief Information Security Officers (CISOs), researchers, and other industry leaders—provide context to the data through articles examining current challenges and future directions.
Many industry participants emphasised the need for greater coordination between government and industry experts. There are calls for more visible leadership and deeper engagement with practitioners to develop meaningful policy responses to cyber threats.
Looking Forward
The ACN report establishes a baseline for measuring the industry's development and serves as an evidence-based resource for future policy and investment decisions. As cyber threats continue to evolve, the data suggests Australia has built significant capability but faces ongoing challenges in coordination, investment, and strategic prioritisation.
The report's release has prompted discussion about whether cybersecurity receives adequate attention in national policy debates, despite its growing economic importance and the increasing frequency of cyber attacks affecting Australian businesses and critical infrastructure.
The State of the Industry 2024 report was produced by the Australian Cyber Network with support from sponsors including Tesserent | Cyber Solutions by Thales, UQ Cyber at The University of Queensland, and Recorded Future.
