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If there are dedicated any high-profile security vulnerability research teams within Australia, TechTarget is not aware of them. Plenty of Australia-based security researchers pump out advisories in the course of their work for larger, mostly American companies, and security specialists and consultants do dedicate some time to uncovering flaws in software. That said, most of the action in security vulnerability research in Australia is a by-product of security geeks working consulting jobs.
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So while there's no doubting Australia is not running short on skilled IT security boffins, it's probably safe to say we're not setting the world on fire either.