As our world continues to grow technologically dependent and more of our business and personal lives are uploaded onto the digital space, cyber security has risen as an incredibly important industry to invest into
To keep our online data safe, it is becoming more and more necessary for both individuals and businesses to invest in cyber security for their own digital protection.
As proof of such trends, as well as helping you understand what the future of cyber security may look like, we’ve compiled a few interesting domestic and international industry statistics for you to think about.
Australian Cyber Security Industry Statistics
- In 2020, Australia spent around $5.6 billion on cyber security – from both local and international providers
- In 2020, Australian cyber security providers made $3.6 billion in revenue, of which $3 billion was generated from the domestic market
- The cyber security sector in Australia is still young – 40% of cyber security businesses in the country are under five years old and 66% are under ten years old
- Between 33 to 44% of businesses in cyber security also provide product and service deliveries
- Currently, the gross value of Australia’s cyber security industry is $5.6 billion. Despite being in its early stages, the cyber security industry’s value in Australia has already surpassed the likes of the computer software ($4.2 billion) and retail e-commerce ($3.2 billion) industries
- Australia’s cyber security sector is predicted to grow to $7.6 billion by 2021, as quoted from AustCyber’s 2020 Cyber Security Sector Competitiveness Plan
- There are 26,500 individuals employed in Australia’s cyber security industry
- 43% of Australian cyber security businesses are exporting their services overseas.
International Cyber Security Industry Statistics
- The value of the global cyber security services market is at $66.86 billion (as of 2019)
Since 2015, the global cyber security services has grown by 9.4%
- The global cyber security industry is predicted to grow to a value of $91.09 billion in 2023 – with an annual growth rate of 8%
- The rapid growth of the cyber security industry is spurred by 68% of business leaders feeling that their cyber security risks are increasing (according to Accenture)
- 86% of breaches of cyber security were financially motivated in 2020, and 10% were motivated by espionage
- As of 2020, the average cost of a data breach (for businesses across the world) amounts to $3.86 million
- In 2020, personal data was involved in 58% of cyber security breaches
- The average cyber security breach took 207 days in 2020 to be identified, with another 280 days from identification to containment
- Worldwide cyber crime costs $6 trillion annually
- The monetary damage due to cyber crime is predicted to reach $10.5 trillion annually by 2023 (according to Cybersecurity Ventures)
- COVID-19 resulted in a 238% rise in cyber attacks on banks around the world in 2020
- The cyber security unemployment rate is 0% in the United States – and this is predicted to remain the same throughout 2021.
Interested in learning more about the cybersecurity industry? Grow your background knowledge on the sector by taking an educational course on it!