Below is a statement in response to the Government’s Cyber Security Strategy announcement.

The following statement can be attributed to NAB’s Group Executive, Technology & Enterprise Operations, Patrick Wright.

“The Government’s announcement today on its Action Plan to invest over half a billion dollars in Australia’s cyber defences is critical to addressing the growing pressures posed by cyber attacks. Delivering this strategy will require close collaboration between Government and Industry, and we look forward to further consultation and collaboration of the strategy to achieve the goal of Australia becoming a world leader in cyber security.

“The policies focused on support for small business is in particular, a welcome step. The small business sector is huge driver of economic growth but they continue to face alarming rates of cyber crime, losing up to $100,000 for every cyber attack they report.

“The Government is right to tackle cyber security threats by placing small businesses at the centre of its efforts. Big organisations are not immune from the threat either. At NAB, we block well over 50 million threats every month on our digital channels. Our security teams work around the clock in our Fusion Centre to protect our bank and our customers from these relentless attacks.

“While the Government’s cyber strategy will firmly put cyber criminals on notice, there is no silver bullet. The reality is, Australia is an advanced digital economy, and we will always be an attractive target for cyber criminals. Because of that, we must remain determined to act firmly against bad actors. We must make Australia the hardest and least lucrative country in the world for cyber criminals to attack.”