A cyber security industry analyst says Australia’s booming cyber security business is likely to remain stagnant until 2019 and the industry needs a “fundamental change” to be successful.

Auckland-based security analyst Scott McManus said the sector was still relatively young and needs a fundamental change.

“The whole industry is going to be there until 2019,” he said.

Cyber security is a $3.2 billion market that is expected to grow at around 6 per cent this financial year.

The sector has experienced rapid growth, with cyber-attacks in Australia being the leading culprit for breaches.

Australia’s cyber security sector is forecast to grow to $4.6 billion by 2019.

Australian Cyber Security Association chief executive Paul Kennedy said the market was highly sensitive and people should be wary of companies investing in the sector.

“(Cybersecurity is) a sector that is very fragile,” Mr Kennedy said.

“You have to be careful in the investments you make.

There are a lot of people in the cyber space that have invested in the industry who don’t necessarily think about the long term impacts.”

He said the industry was growing and the sector had to start taking more risk.

He said companies had to be aware of their vulnerabilities and ensure they are protecting customers’ information and information systems from unauthorized access.

“Cyber threats are very real,” Mr McManuses said.

“There is no silver bullet.

We have to take the best of the best and we have to invest in the right places.”

Mr McManuse said the cyber sector needed to be “driven by a vision, a vision of what we want the industry to look like”.

“It is about changing the culture,” he added.

Topics:internet-technology,security-intelligence,internet-culture,technology,internet,business-economics-and-finance,advertising,business,advertising-and/or-marketing,consumer-protection,australia,brisbane-4000,vicSource: The Washington Post