Victoria’s Data61 Cyber Security and Innovation Hub is officially up and running as of this week.

Minister for Small Business, Innovation and Trade Philip Dalidakis joined Data61 CEO Adrian Turner to welcome the country’s most prominent cyber security leaders to Victoria for the launch.

The state’s new world-class cyber security centre will generate 140 jobs, including positions for PhD students, over the next three years as the digital research arm of the Commonwealth Scientific and Industrial Research Organisation (CSIRO).

“With cybercrime rising at an astonishing rate in Australia, cyber security has never been more crucial to our economy as it is right now,” Mr Dalidakis stressed, noting that almost half of all small and medium enterprises fell victim in 2015, costing the country’s economy $17 billion.

“This new cyber security hub will help us better collaborate with the industry’s best to produce products that will help protect our digital economy in the future – and it will create more Victorian jobs.”

Aside from bringing together a qualified Victorian based workforce, this new facility will also provide a dedicated space for Data61 to deepen its key relationships within the cyber security ecosystem, partnering with Australia Post, Optus and PwC.

“Australia’s economy is undergoing transformation with every industry becoming increasingly data driven. Today cyber security is a AUD$98 billion global market, with expected growth of AUD$222 billion by 2020,” said Mr Turner.

Based in the Docklands’ Goods Shed, it will house several other organisations including a collaboration with Oxford University’s Global Cyber Security Capacity Centre (GCSCC) and Victoria’s new Oceania Cyber Security Centre (OCSC), bringing together eight Victorian universities and major private sector partners.