The Australia Cybersecurity Market size is estimated at USD 7.09 billion in 2024, and is expected to reach USD 16.52 billion by 2029, growing at a CAGR of 18.44% during the forecast period (2024-2029).
The growing number of cyberattacks in the country has made it essential for the government and private organizations to instill cybersecurity solutions to curb or mitigate such events.
Further, in April this year, the Australian Cyber Security Centre (ACSC) also released a Joint Cyber Security Advisory on Russian state-sponsored and criminal cyber threats to critical infrastructure that could impact organizations within and beyond Ukraine. The advisory recommends several immediate actions for all organizations to take to protect their networks, which include prioritizing patching of known exploited vulnerabilities and enforcing multifactor authentication, among others.
The Australian cybersecurity market is moderately competitive and consists of major players. With the rise of phishing attacks and data breaches, public and private organizations have pushed consumers to choose cybersecurity solutions.
In December 2021, McAfee Enterprise and FireEye released new Amazon Web Services (AWS) cloud security capabilities and integration with Amazon Inspector.
In February 2022, Telstra extended its new cyber security products to Australia's federal, state, and local governments. The Cyber Detection and Response capability integrates with government systems and cloud services to monitor cyber threats via big data analytics from Telstra's managed security service platform, while Sovereign SecureEdge helps deliver cloud security, particularly in the context of a distributed workforce.
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