Australia’s Cyber Security Boom: How Lumify Learn Can Help Jumpstart Your Career

Australia is currently facing an unprecedented surge in cyber-attacks. In fact, during the 2022-23 financial year, the country recorded 94,000 reports of cybercrime, a 23% increase from the previous year. This equates to one report every six minutes. The financial toll is staggering, with businesses losing an average of $97,000 per attack.

This concerning trend is prompting a robust response from the Australian Government, with massive ventures in cyber security infrastructure, cyber defense improvements, and talent development underway. This also creates a landscape full of potential for those with the right skills.

In this blog, we will discuss the Government’s various investments in the cyber security field and their impact on the industry. We will also identify in-demand cyber security roles in 2024, and how Lumify Learn’s cyber security courses can help you enter the industry.

Australian Government and Corporate Australia Pouring Billions into Cyber Security

According to a recent report by CSO, the Australian Federal Government’s budget includes considerable allocations in data security, IT improvements, and cyber security capabilities. Some of these are:

• 2026 Census Delivery Support: The government will allot $196.8 million over three years to help with safe storage and collection of Census data, increased engagement and facilitating access to the Census via myGov.

• Regulatory Data Systems Enhancements: Over four years from 2024-2025, the Australian Government will invest $206.4 million to improve the data capability and cyber security of the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission. The budget also covers plans to continue the stabilisation of business registers and modernisations of legacy systems across departments. Another $7.2 million will be added per ongoing year.

• Fraud Prevention: $78.7 million for upgrades to information and communications technologies is allocated by the Government to detect, prevent, and mitigate fraud against the tax and superannuation systems.

• Responsible Artificial Intelligence (AI) Adoption: The government will allocate $39.9 million over five years to help develop the policies and support the adoption of AI technology. This includes $2.6 million to respond to and minimise AI-related security risks.

• IT Support for Parliamentary Departments: To improve information technology to support cyber security and business productivity, the Federal Government pledged $12.8 million over four years from 2024-2025, followed by $2.3 million every year ongoing.

Aside from these, the Australian Government is also set to invest in Services Australia, an executive government agency providing welfare payments, health insurance, child support, and other support services to eligible citizens and residents.

• $1.8 billion over three years to enhance its cyber security environment and add frontline and service delivery staff to manage claims and continue emergency response capability.

• $23.5 million over two years to maintain fraud investigation and response activities

• $46 million over two years to improve the Government’s Digital ID System and reduce the risk of data breaches and cyber attacks

Furthermore, a recent Gartner report found chief information officers (CIOs) across Australia and New Zealand plan to invest the most in cyber security for their businesses this year. This is a result of regulation and the growing threat landscape. Of those surveyed, 87% said that they will increase their investment, compared to 62% the year before.

Are Cyber Security Skills in High Demand in Australia?

This massive investment in cyber security initiatives and talent development by both the Government and private sector underscores the growing demand for skilled cyber security professionals in Australia.

Unfortunately, there is a severe shortage of cyber security workers in the country as of the moment. In fact, Australia’s IT sector reportedly needs an additional 7,000 skilled cyber security specialists over the next two years. By 2026, Australia may need around 17,000 additional cyber security workers to fill the skills gap.

The good news is that this critical shortage has driven up salaries for cyber security professionals as companies compete to attract and retain top talent. On average, professionals in the industry can expect to earn around $128,000 per year, making the field a highly lucrative career path.

Let’s take a look at some in-demand cyber security career paths in 2024 together with their annual salary:

Cyber Security Architect

Also known as a security architect, they are responsible for creating, designing, and maintaining the security systems of an organisation’s IT network. The role requires a comprehensive knowledge of the employer’s business and a wide understanding of the technology the company uses to conduct operations.

Average salary: $180,000

Cyber Security Engineer

Cyber security engineers are responsible for implementing and maintaining the security solutions designed by security architects. They also identify and mitigate security threats, monitor systems for breaches, and swiftly respond to incidents.

Average salary: $140,000

Security Administrator

Cyber security administrators create security requirements within a network, run security audits, protect the company’s IT system from illegal access, and create a plan for disaster recovery. They also train employees in cyber security awareness and procedures.

Average salary: $125,000

Ethical Hacker

These are security professionals who legally and ethically gain access to a business' network systems and computer systems. They do this to identify and fix security vulnerabilities, which then helps protect the company from cyber-attacks.

Average salary: $100,000

Cyber Security Analyst

Cyber security analysts protect an organisation’s computer systems, network, and data from security breaches and cyber threats. Their biggest responsibility is to monitor, detect, and respond to security incidents to ensure the confidentiality integrity, and availability of data.

Average salary: $110,000

Entry-level jobs in cyber security can offer salaries ranging from $60,000 to $100,000, as it is a highly in-demand profession. For more details about entry-level cyber security salaries, review this guide.

Launch Your Cybersecurity Career with Lumify Learn

As you can see, there’s never been a better time than now to start a career in the cyber security industry. Fortunately, there are many educational institutes in Australia that can help you make your first step, one of which is Lumify Learn.

We at Lumify Learn offer a range of courses designed to equip you with the skills needed to succeed:

• Certified Cyber Security Professional: This course will teach you the skills to troubleshoot, configure, and manage both wired and wireless networks effectively. You will also learn the latest best practices in preventing and addressing cyber threats.

• Governance, Risk, and Compliance Certified Professional: An interactive online course, this program is designed to equip students with the skills and knowledge to excel in IT risk management and IT auditing.

• ICT30120 Certificate III in Information Technology Elective Focus Basic Cyber Security Awareness: This foundational course provides an understanding of common IT skills and concepts, with a focus on protecting computer operating systems, networks, and data from online threats.

• ICT50220 Diploma of Information Technology (Cyber Security): This program focuses on designing systems that prepare for and manage cyber threats to help aspiring cyber security engineers enhance workplace security awareness.

• CompTIA PenTest+ Certified Professional: This self-paced online bootcamp course will provide you with hands-on, practical experience in penetration testing. It will also help you acquire the CompTIA PenTest+ certification, a globally recognised certification.

Lumify Learn is also committed to bridging the gap between academia and industry. To that end, we have also established deep relationships with Government and Defence sectors. For instance, we collaborate with state and city agencies to build the job skills of citizens through boot camps for cyber security, cloud computing, data science, data analytics, and more. And through our nationally accredited programs, we can help Defence staff and their families learn new IT skills and start a career in their chosen industry.

Don’t miss out on the opportunity to join this growing field. Enquire on a cyber security course today.