Conversations are the fulcrum upon which we, as an industry, identify and begin to solve the challenges facing Australian businesses. 

Recently, at the Australia-Israel Chamber of Commerce (AICC) event in Sydney, it was made clear that Australia has the opportunity to emerge as a dominant force when it comes to innovation. 

This event was hosted by Mary Attard, Partner from PwC, and she interviewed a panel of cyber experts that included Jason Murrell, Group Executive, AustCyber, Mickey Boodaei, Global CEO, Transmit Security, Israel, Reut Menashe, Founder & CEO Tetrisponse; Co-Founder, Leading Cyber Ladies, Israel, and Michael Bromley, Group Chief Executive Officer, Stone & Chalk Group.

During the course of the day, it was highlighted that while the importance of understanding the complex regulatory environment that currently exists is vital, we also must acknowledge that it can be confusing for businesses to navigate.

One of the key topics discussed was digital identity and fraud. With the rise of online fraud, digital ID solutions could be of significant help in combating these increasingly frequent challenges. However, questions arise about customer experience, liability, and potential breaches. 

While speakers noted that governments have not thought through all the issues related to digital ID, a centralised repository of IDs would pose an incredible security risk if breached. Thus, it was highlighted that defenders need to match the capability of attackers and understand the technologies and their use cases.

“When it comes to online fraud, I think that the battle on preventing data from leaking out is already lost. We need to focus on making sure that this data, this leaked data, is not going to lead to anything that is catastrophic.” Said Mickey Boodaei, Global CEO, Transmit Security.

AI was also a topic of heated discussion, with speakers stressing that the advancement of AI will be harnessed by both good and bad actors for cybersecurity. Defenders need to understand the technology and its use cases to keep up with the technology, turn the tables, and leverage the very techniques that threat actors use to go after their businesses. AI can make meaningful insights from unstructured data, but it also puts even more data under threat, providing opportunities for good and bad actors alike. Overall, AI is just another tool that works for any master, and we – as defenders – need to keep up with the technology instead of dismissing it out of hand.

“This isn’t really a discussion about AI’s impact on cybersecurity. The discussion should be around the convergence of multiple technologies that will have an impact on cybersecurity.” Quoted Bromley, who went on to talk about the future of AI and how it fits together as part of a larger puzzle.

“The ability for AI to take unstructured data and make meaningful insights out of that and do something with it means that there’s even more data now under threat and has more value than ever before.” 

Another important point raised was the need for collaboration between the private sector and government. With the federal government currently working on a new cyber strategy, there is an opportunity for businesses to work alongside with policy makers to develop more effective measures for protecting against cyber attacks.

Image Source: Australia-Israel Chamber of Commerce Event in Sydney

Turning to the broader topic of the Australian cybersecurity industry and its relationship with the global market, speakers highlighted that the country accounts for only 2.1% of the world’s cyber market. Additionally, less than half of Australian cybersecurity companies export, meaning they are competing for only 2% of the global demand for cybersecurity. Speakers called for Australian companies to collaborate with other countries, like the UK and Israel, to improve innovation and presentation.

“Part of the remit for what we do with AustCyber is to grow and export Australian businesses, as well as educate”. Said Jason Murrell, Group Executive, AustCyber.

Murrell continued with the theme of how companies are exporting their products and services to the US and other countries.

“Australians are still a bit green when we go over there, just in the expectation of what to expect when you go into a market like the US. But I think we can combine with other countries. When we were there, we spoke with the UK and others and we’ve [AustCyber] spoken about delegations to Israel.”

The group’s insights highlight the need for a more streamlined approach to cybersecurity that can help businesses of all sizes protect against the growing threat of cyber attacks. By embracing innovation and collaborating with policymakers and other businesses, Australian companies can help create a safer and more secure digital landscape.

As online connectivity grows, it is becoming increasingly essential to understand and manage the risks involved. By taking action to understand the technologies and risks involved with cybersecurity, organisations can better protect their customers’ identities and ensure the proper use and protection of data. As AI and other technologies advance, the need to keep up with new threats and protect against bad actors becomes ever more critical. Ultimately, cybersecurity is everyone’s business, and organisations need to remain vigilant in the face of ever-evolving threats.