APRA (Australian Prudential Regulation Authority) is a statutory authority of the Australian government and the prudential regulator of the Australian financial services industry. APRA has just announced its 2020 – 2024 Cyber Security Strategy, demonstrating the importance of cyber risk management in the covid-19 age of increased digitisation, cyber threats and complex chains of services providers.
With APRA making cybersecurity a priority for 2021, implementing a number of specific measures to keep a number of stakeholders within financial entities busy, the future months are expected to evolve other related areas of the digital including cyber compliance and cyber guidance.
The Australian Cyber Security Growth Network has also published a memorandum acknowledging its industry knowledge priorities which include:
- Emerging prevention, detection and response technlogies;
- Identity, authentication and authorisation in the cyber domain;
- Ensuring security, privacy, trust and ethical use of emerging technologies and services such as cloud computing, machine learning, big data, mobile apps and cyber-physical systems such as IoT, robotics and self-driving cars, etc; and
- Approaches to deal with the increasingly ‘shared’ responsibility of cybersecurity.
With this raised concern for addressing the issue of cybersecurity across all sectors, the top challenge out of all has been prioritised as measuring supply, demand and career pathways to grow Australia’s cybersecurity workforce.
Cybersecurity skill and talent gaps exist across Australia and this continues to impact the unrealised economic potential for the cybersecurity sector. Although the sector is growing, the skill shortage is still severe, needing an additional 18,000 cybersecurity professionals by 2026.
Employers, businesses and states are increasingly becoming knowledgeable of this urgent need to grow the workforce with many turning to source cybersecurity workers from other parts of the world via visa programs.
As Australia’s cybersecurity ecosystem capability grows with further potential, it is expected to capture a significant share of the increasing global cybersecurity market. Rapid expansion of the cybersecurity space together with a robust source of workforce is expected to support employment, impact the economy and build competitiveness across all industry sectors.
The Global Talent Independent (GTI) visa program prioritises processing for those working in the cybersecurity space. For more information, please get in touch with Sellanes Clark and Associates using this form.