Data61 report identifies Fintech and Cyber security industry collaboration

Source: thetechportal.com --- Tuesday, January 31, 2017
Major findings from the inaugural National Fintech Cyber Security Summit has revealed that there is a long way to go if Australia wants to be established as a regional hub for collaboration and innovation on security issues. The Summit was the starting point for discussion on Australia’s fragmented and disparate cyber security industry. Data61, the analytics company has published a follow-up report titled “Startup secrets: How Australia can create new businesses with fintech and cyber security industry collaboration.” The report highlights how Australia can leverage the cyber security and fintech talent present in the country’s startup scene and focuses on the need to combine the two sectors— along with the strong backing of both the government and industries— to advance Australia’s global competitiveness. Financial services accounts for more than $141 billion in the Australian economy and employ more than 450,000 people, the Financial Services Council says. The report says, If Australia is to develop a cyber-security industry it must start by building on what we have and not attempt to start over again. The country’s peak innovation group says it is important to look at the intersection of fintech and cyber security to solve complex problems via collaboration, rather than by competing. According to Australia’s Special Adviser to the Prime Minister on Cyber Security Alastair MacGibbon, cyber security is the foundation of the coun ...

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