Australian firms wanting to tap into the fast-growing ASEAN cyber security market are invited to join an Austrade and AustCyber mission to the region in late October.
The mission will be led by Dr Tobias Feakin, Australia’s Ambassador for Cyber Affairs, and Michelle Price, CEO of AustCyber.
The ASEAN Cyber Security mission will include stops in Indonesia and Singapore, where cyber security has significant government support and a wide range of opportunities across sectors.
This mission will incorporate a visit to the Singapore Cloud and Cyber Security Expo and the Indonesia Cyber Security Summit in Bali. It will also feature a workshop with BSSN (the National Cyber and Encryption Agency in Indonesia), and an exclusive program of networking events, pitch opportunities, briefings and introductions to customers and partners in the ASEAN region.
Increasing digitisation across ASEAN is driving the demand for cyber security solutions and services. At the ASEAN Summit in March, ASEAN and Australia committed to an ASEAN-Australia Cyber Cooperation initiative to improve joint efforts to harness the opportunities of cyberspace, promote peace and stability in cyberspace, and guard against growing threats online.
Rapidly growing expenditure
“With rising risk to governments, industry and consumers as businesses digitise their operations, ASEAN’s cyber security expenditure is now growing rapidly,” says Prerana Mehta, Senior Trade and Investment Commissioner (Acting), Austrade Singapore.
“In 2017, this expenditure was estimated at $2.55 billion and it is forecast to grow to $7.33 billion by 2025.”
Singapore is highly advanced when it comes to cyber security. In June 2017, Australia and Singapore signed an MOU to enhance cyber security cooperation, including regularly exchanging information on cyber security incidents and threats, sharing best practices to promote innovation in cyber security, and undertaking training in cyber security skillsets.
Both parties are also conducting joint exercises focused on protecting Critical Information Infrastructure and collaborating on regional cyber capacity building and confidence building measures.
Strong cyber security opportunities
The Singapore cyber security market is forecast to be worth A$913 million by 2020. Cyber security opportunities are particularly strong in the financial services, infrastructure, multinational telecommunications and healthcare sectors.
Indonesia is an emerging market for cyber security. With more than 50 per cent of the country connected to the internet, it is one of the world’s most vulnerable countries to cyber-attacks, giving rise to strong cyber security opportunities in the financial services, telecommunications and healthcare sectors.
“Singapore and Indonesia show two different sides of the cyber security market in South East Asia, and this is a great way to meet key players and raise your profile in both locations,” says Sally Ann Watts, General Manager ASEAN & Pacific (Acting) and Senior Trade and Investment Commissioner, Austrade Jakarta.