Business Council member companies from all sectors of the economy resolved to work together to counter growing cyber security threats, at a seminar this morning.

"Cyber security is critical for business to address the connectivity conundrum: providing consumers connectivity, while building trust and security," said Business Council Chief Executive Jennifer Westacott.

"Business has to do much of the heavy lifting in increasing our cyber resilience. The business community is committed to working together, and with government and research, to share information on threats and co-design a fit for purpose regulatory environment,” Ms Westacott said.

“By actively working together as well as focusing on maximising the cyber security of our individual companies we can provide the community with greater confidence in the capacity of our economy to stay a step ahead of would-be cyber criminals.”

The seminar heard from three cyber security experts: Sir Iain Lobban, former head of the UK Government Communications Headquarters, Aon Corporation’s SVP and Chief Security Officer Anthony Belfiore and the Special Adviser to the Prime Minister on Cyber Security Alastair MacGibbon.

"We are now seeing cyber attacks that are not just about theft of commercial data or intellectual property, but mischief that is designed to cause harm to a person or organisation," said Sir Iain Lobban.

"The opportunity is now here to do something about this,” Sir Iain Lobban said.

"Around the world, it is clear that the business community has been a driving force in improving our cyber security," said Mr Belfiore.

"Cyber security is really just about trust and confidence. Cyber security is an enabler that allows businesses to do what they need to do, rather than hold them back,” Mr MacGibbon said.

"Boards are starting to plan for when, not if, they experience a cyber incident," said Aon Risk Solutions Chief Executive Officer Lambros Lambrou.

This morning’s seminar was attended by over 70 companies and followed up from the release of the government’s Cyber Security Strategy in April, for which Jennifer and Sir Iain were members of the Expert Panel.