The recent Australian budget announcement has sparked a flurry of discussions, particularly concerning future investments in innovation, digital technology, science, and renewable energy over the next decade. However, this focus has somewhat eclipsed the immediate and pressing issues of cybersecurity and its implications for Australian individuals and businesses.
Liam Dermody, Director of Threat Analysis at ANZ, has shed light on the rising threats posed by AI to Australian businesses and has strongly advocated for substantial investments in the practical application of AI within the country. Reflecting on the previous year’s budget approach to cybersecurity, Dermody expressed his disappointment, noting, “Last year the Federal Budget included considerable investment in the technology sector, specifically in cyber security with the release of the National Cyber Security Strategy. We would have liked to see the Government maintain this momentum and take continued steps to help organisations protect themselves and the people they serve, such as by continuing to invest in training cyber security professionals and educating end-users about cyber security.”
Data from Darktrace’s State of AI Cybersecurity 2024 report reveals that 74% of security professionals believe AI-augmented threats are already impacting their businesses. Dermody emphasized this data to highlight the critical role the Government must play in upskilling Australians to bridge the current skills gap in cybersecurity. He remarked, “The Government should help to upskill Australians and to solve this skills gap before we fall too far behind the attackers.”
Discussing the broader topic of Artificial Intelligence, Dermody underscored that while AI is a prevalent subject in today’s technological discourse, its practical, everyday application for Australians should be a priority for government funding. He explained, “AI has the power to automate the mundane tasks that bog us down every day at work, freeing Australians’ time, allowing us to be more strategic and proactive in our work. We see this in cyber security all the time.”
Dermody elaborated on the tangible benefits that AI implementation in cybersecurity brings, stating that it “frees up time for the security team and allows them to move from a reactive approach to a proactive approach. Instead of waiting for an attack to occur, they can proactively look for vulnerabilities and upskill team members, making their organisations safer.”
Moreover, he highlighted the broader applicability of AI across various job roles and emphasized the pivotal role the government could play in facilitating this transformation. “This change in work to be more strategic, through the use of AI, applies to many other job roles, whether it be teachers, accountants, or marketing professionals. With support to upskill the Australian population in the development and use of AI, the government could create a workforce transformation.”
Dermody’s advocacy extends beyond the immediate scope of cybersecurity. He envisions a future where the strategic implementation of AI enhances productivity and innovation across various sectors. By investing in AI education and practical training, the government can equip the workforce with the skills necessary to leverage AI technologies effectively. This not only addresses current security challenges but also paves the way for a more innovative and competitive economy.
In light of the current budget’s omission of significant cybersecurity investments, Dermody’s call to action serves as a reminder of the urgent need to prioritize this area. The integration of AI into daily business operations is not just a futuristic ideal but a necessary step towards safeguarding and advancing Australia’s technological and economic interests.
As AI continues to evolve and its applications become more widespread, the government’s role in supporting this transition becomes increasingly crucial. By fostering a skilled workforce capable of harnessing AI’s potential, Australia can ensure that it remains at the forefront of technological innovation and security. Dermody’s insights underscore the importance of maintaining momentum in cybersecurity investments and the broader adoption of AI, emphasizing the need for a proactive and strategic approach to these emerging challenges.
