Telstra's Cyber Security Challenge will commence at midday, May 7, with 55 teams from 22 Australian tertiary institutions set to demonstrate skills in cyber security.
Participants will have 24 hours to tackle vulnerabilities in the network of a fictitious business, and recommend mitigation strategies to enhance its security.
The winning team will attend the Black hat Security Conference in Las Vegas as a guest of Telstra.
Telstra chief information security officer, Mike Burgess, said, "We want to attract the best young minds and talent in Australia and promote the exciting opportunities that a career in cyber security has to offer."
"Despite a growing need for cyber security professionals, both in government and private sectors, there remains an IT security skills shortage in Australia."
According to PwC's 17th Annual Global CEO Survey, the number one growth threat among technology chief executive officers is the availability of key skills; cyber threats rank fifth.
"The number of skilled security professionals is declining in an environment where it's more important than ever for government and business data to be secure," PwC head of cyber, Steve Ingram, said.
"Fostering talent in science, technology, engineering and mathematics (STEM) is critical to Australia's economic growth and future security."