CBA backs PM's cyber security summit

Commonwealth Bank has backed the inaugural cyber security summit hosted by the Prime Minister, Tony Abbott, yesterday, at which national business and banking leaders addressed the importance of cyber security in today’s modern economy.

In a statement, CBA said that as a long-time advocate for a shared national approach to securing and enhancing Australia’s digital economy, it was proud to participate in the summit alongside top business leaders.

Commonwealth Bank Group executive of enterprise services and chief information officer, David Whiteing, said, “The Prime Minister’s attention to this issue highlights its national importance and we welcome the commitment to strengthening the partnership between Government and the private sector on cyber security.

“The summit addressed a number of important themes including improved sharing of information between public and private sector to improve cyber defences, increasing the number of cyber security professionals, and realising the economic opportunity presented by cyber security innovation.

"As more and more business is transacted online, cyber security will continue to be an issue of fundamental national importance. We look forward to continued progress and discussion on this vital issue across business, government, academia, and the broader population.”

The government is working on a strategy by partnering with the private sector to make online commerce more secure and enhance national security.

The meeting in Sydney was attended by chief executives from the banking, mining, telecommunciations and retail (supermarkets) sectors.

The strategy, the first such plan since 2009, will be released in the following months.