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Australia’s Cyber Security Sector Could Triple by 2026

April 24th, 2017

The Australian Cyber Security Growth Network (ACSGN) estimates that Australia’s cyber security sector will triple in the next decade, reaching revenues of $6 billion by 2026. By 2020, the global cyber security market could be worth $170 billion US.

On 20th April, the Australian Government launched its Cyber Security Sector Competitiveness Plan (SCP), which aims to grow and strengthen the Australian cyber security sector.

There is a huge growth in demand for security across the Indo-Pacific, giving Australia an advantage geographically. The SCP found that Australia also has a competitive advantage in integrated platform software and high-grade security-related niche hardware. While Australia is attracting global cyber security firms like IBM and CSC, Australian-based companies include Senetas, MailGuard and Quintessence Labs.

While Australia is attracting global cyber security firms like IBM and CSC, Australian-based companies include Senetas, MailGuard and Quintessence Labs.

For Australian firms to achieve strong growth, the ACSGN believes that we need to improve in at least three main areas, namely a local skills shortage, an inhibiting market environment and inefficient research and commercialisation.

The local skills shortage is limiting the growth of the industry, and at least 11,000 more workers will be required in the next 10 years. Australian educational institutions will play a major role in alleviating this issue.

In regards to the constricting market environment, governments and other organisations often contract large overseas providers with more resources. However, if the work was divided into smaller contracts, this would give small Australian start-up companies a better chance.

Furthermore, scattered public funding and limited collaboration between researchers and businesses limits the number of marketable solutions available. R&D tax incentives, targeted funding programs and grants will help to overcome this barrier. In addition, a $30 million Cybersecurity Growth Centre has been announced as part of the government’s Innovation Agenda.

Lynwen Connick from the Department of Prime Minister and Cabinet stated that “The new growth centre will bring together industry, researchers and governments to create a national cyber security innovation network that combines existing research and innovation efforts and connects cyber security challenges to new ideas and solutions.

“It will help grow Australia’s cyber security sector and help all Australians and businesses be more secure online.”

If your company is undertaking R&D in the cyber security space, contact Swanson Reed Tax Advisors to find out whether you qualify for the R&D tax incentive.

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 Trustindex verifies that the original source of the review is Google.  I have been using Swanson Reed for my clients for more than a decade.  Having a specialist firm that can provide practical and commercial advice that produces real outcomes is very important and we have received great feedback from our clients.
Highly recommended.
  
 
 
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   John  
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 Trustindex verifies that the original source of the review is Google.  Damian and the rest of the team at Swanson Reed have been supporting us for several years.  We always appreciate their insights, expertise, and efforts.
  
 
 
      Posted on Google  
   
   Rueben Rajasingam  
 6. June, 2022
 
 
 Trustindex verifies that the original source of the review is Google.  Experienced responsive Team. They have been a great help to me and my company navigate the R&D tax claim process and have provided invaluable advice.
  
 
 
      Posted on Google  
   
   Enrique Esquivel  
 6. June, 2022
 
 
 Trustindex verifies that the original source of the review is Google.  Damian and the team at Swanson Reed have been extremely helpfully and professional during all of our consultations. Highly recommended.
  
 
 
      Posted on Google  
   
   Jess at Y&C  
 3. June, 2022
 
 
 Trustindex verifies that the original source of the review is Google.  
  
 
 
      Posted on Google  
   
   Anatole Kononewsky  
 2. June, 2022
 
 
 Trustindex verifies that the original source of the review is Google.  The Swanson Reed team have provided our company with exceptional professional advice and assistance for all of our R&D claims for many years - have always achieved great results with excellent value for their services.
  
 
 
      Posted on Google  
   
   Payam Toloo  
 2. June, 2022
 
 
 Trustindex verifies that the original source of the review is Google.  Damian Smyth and his team are very helpful, supportive and experts in their field of R&D Tax claims. I'm always happy with the work they do and been a customer of their for over 5 years.
  
 
 
      Posted on Google  
   
   Melissa Doddy  
 31. May, 2022
 
 
 Trustindex verifies that the original source of the review is Google.  The Team at Swanson Reed are very experienced R&D Tax Advisors and gave us ongoing support with all of our R&D Claims, the consultants ensured we were always working with current legislative guidelines, gave us assistance with compiling technical and government documentation and went out their way to ensure they were with us for the entire process from beginning to end.  Highly recommended to anyone who needs assistance with working through what can at times be a daunting process.
  
 
 
      Posted on Google  
   
   Gary Watson  
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 Trustindex verifies that the original source of the review is Google.  We can highly recommend Swanson and Reed as an R & D accountant. We have worked with them for several years now as they make our R & D claim so easy and communicate quickly with both us and our accountant.
  
 
 
      Posted on Google  
   
   Rob van den Bergh  
 31. May, 2022
 
 
 Trustindex verifies that the original source of the review is Google.  Always professional.
  
 
 
  
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Australia’s Cyber Security Sector Could Triple by 2026

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