As I flicked through the 2024 State of the Industry report released by the Australian Cyber Network, I couldn’t help but marvel at the staggering numbers. $6.13 billion in revenue.
A workforce charging toward 193,000 by 2029. Private investment nearly tripling. It reads like a success story—until you dig deeper and realise it’s the kind of thriller where the hero is also the hostage.
Australia has never been richer in cyber defenses—or more vulnerable.
The contradiction hits like a punch in the gut. In 2024, Australia was crowned the fourth most targeted country globally for cyberattacks on critical infrastructure. Fourth. That’s not a ranking you want in any category involving the words “critical” and “infrastructure.”
While companies gained nearly $10 billion in GVA (Gross Added Value), 47 million data breaches hit the nation, making us the 11th most breached country—almost two breaches per person. It’s like selling a fireproof house while the backyard’s already on fire.
The Rising, and Falling, Costs of Chaos
The self-reported average cost of cybercrime per business went down 8%. Good news, right? Sort of. Because for individuals, that figure jumped 17%—to $30,700.
Apparently, criminals have learned that it’s easier to drain a thousand wallets than breach one fortress. It’s a cruel kind of efficiency.
Meanwhile, a new cybercrime report is filed every six minutes—like the tick of a metronome, steady and relentless. It’s a tempo that hasn’t changed since 2023, which might be the most unnerving part: we’ve grown numb to the rhythm.
A Workforce Built for War
To counter the chaos, Australia’s cyber army is swelling. In 2024, over 137,000 were employed in the field, a 9.27% rise from the previous year. Projections show we’ll reach 193,000 by 2029, split between 79,334 “Dedicated Roles” and 114,079 “Related Roles.”
That sounds impressive, but here’s the catch: despite the growth, women still only represent 25% of that workforce. That’s up from 17% in 2021—but when you’re defending a nation, you need everyone at the firewall.
Still, the industry is overwhelmingly local. A whopping 97% of the 302 cyber firms operating here are Australian owned.
And micro and small companies—those with fewer than 20 employees—make up a combined 75% of the sector. It’s not Silicon Valley; it’s more like a patchwork militia fighting an international war.
Who’s Winning?
Cybersecurity founders raised $348 million in private investment this year, up from just $105 million in 2023. Investors are betting on innovation, but it feels a bit like loading up on sandbags as the floodwaters rise.
We’re making money hand over fist while simultaneously bleeding data and scrambling to contain attacks we can’t fully see. It’s the very definition of a paradox: thriving in an industry defined by failure.
I closed the report feeling both impressed and unsettled. The industry is booming—but so is the enemy. In 2025, Australia is not just on the frontlines of cyber warfare. We are the battlefield.
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