In July, AustCyber (the Australian Cyber Security Growth Network) published its US Market Insights Report. The report is the first in a planned series of publications designed to aid Australian cybersecurity companies in their efforts to enter, or expand their presence in, international markets.
A copy of the report is available from the AustCyber website.
In terms of scale of opportunity, the North American market stands head and shoulders above the rest. The US federal government alone will have spent over US$17billion on cybersecurity in 2020. The renewed emphasis placed on cybersecurity in the wake of the critical data breaches and ransomware attacks in the first half of 2021 will no doubt see this expenditure rise significantly in 2022 and beyond.
The free trade agreement between Australia and the US (AUSFTA) established in 2005 has yielded significant benefits for Australian firms. In terms of inbound investment, the US is the most significant international market – accounting for over a quarter of Australia’s total foreign investment stock. The agreement works both ways. The report highlights that in 2018 Australia exported over AU$23billion in goods and services to the US.
Three key opportunities exist within the US market. The first is the sphere of data protection and privacy. The big data universe continues to expand, driven by process digitalization, the growth of the IoT and the adoption of cloud apps, accelerated by the pandemic. With more and more data, much of it sensitive in nature, travelling across private and public infrastructure, it is exposed to myriad threats. Significant opportunities exist for organisations offering cybersecurity solutions that can guarantee the authenticity, integrity or confidentiality of this data.
The second major opportunity is possibly shorter term. There is currently a lack of cybersecurity expertise in the US that leaves public and private sector organisations alike short of some essential skills. The renewed focus on cybersecurity in the US will eventually lead to a new generation of home-grown expertise. However, in the interim there is a significant void to be filled.
Finally, the exponential rise in malware and ransomware attacks targeting remote workers and supply chain organisations represents an opportunity for providers of prevention technologies. Email attachments and software patches are common vehicles for malicious content. As the hybrid working world becomes more reliant upon remote collaboration, it is exposed to a range of increasingly sophisticated and persistent attacks. The demand for protection, detection and remediation has never been greater.
For details of our data protection solutions, visit our encryption solutions page
For details of our anti-malware solutions, visit the Votiro secure file gateway page