“The ASX should be congratulated for its ASX 100 Cyber Health Check. It is a landmark report that for the first time shows us how the business community is responding to cyber risk,” Business Council chief executive Jennifer Westacott said today following the report by the Australian Securities Exchange.

“Many Australian companies are leading the way on protecting against cyber-attacks, including through the Business Council’s cyber alliance which brings together the expertise of many leading businesses and covers all sectors of the economy.

“Australia’s standard of living, our economic future, is increasingly reliant on a secure, trusted digital environment. Consumers are driving businesses to deliver personalised mobile and instantaneous services.

“There are massive benefits to be gained from greater connectedness, but it also means companies must take risks and transform their business models.

“Consumers rightly want to know their data is secure. If we lose their trust, there’s no going back.

“The ASX 100 Cyber Health Check shows that the boards of Australia’s biggest employers are taking this risk seriously.

“It’s particularly pleasing that business is collaborating to get ahead of potential risks. The only way businesses can deal with this risk is to work with their competitors and government. This issue is bigger than any one company.”

Jennifer Westacott was a member of the government’s cyber security expert panel.