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The NSW government has launched the first Cyber Security Industry Development Strategy to boost the sector, which is worth more than $2 billion nationally.

The cyber security industry is expected to triple in size over the next 10 years, with revenues forecast to grow to $6 billion by 2026.

Minister for Finance, Services and Property Victor Dominello announced the strategy at a cyber battle featuring former military cybersecurity professionals.

“NSW starts from a strong baseline and is already home to the largest ICT industry in Australia, a world-leading financial services sector, a rapidly expanding fintech industry and more than 45 per cent of the nation’s start-ups,” Minister Dominello said.

“This strategy will take advantage of these existing strengths and supporting our cyber security start-ups and SMEs to develop new technologies to commercialise and export globally.”

The strategy focuses on four themes with actions to drive innovation and collaboration with government, industry and research, support start-ups and SMEs, grow exports and attract investment and build a skilled workforce.

The cyber battle was hosted by fintech accelerator Stone and Chalk which supports cybersecurity start-ups and WithYouWithMe, a skills matching service for former defence personnel.

“These defence force veterans have highly relevant cyberwarfare experience and are in high demand in the expanding private sector,” Minister Dominello said.

The NSW Cyber Security Industry Development Strategy can be downloaded here.

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