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The Customer Owned Banking Association (COBA) has welcomed the Federal Government’s largest ever investment in cybersecurity.

The Cyber Enhanced Situational Awareness and Response (CESAR) package will see $1.35 billion invested in security measures over the next decade.

“Our sector strongly supports the role of government leadership, and we embrace our role within a united front against cybercrime,” says Leanne Vale, Director of Fraud and Financial Crimes at COBA.

“The CESAR package is both strategic and partnership-orientated in design, reflecting the new reality that cybersecurity is a shared priority of government and the entire community. All Australians play a role.

“As the functioning of modern banking is dependent on a secure cyber environment, our members understand the evolving nature of cybercrime and dedicate considerable resources towards maintaining and developing defences.

“We welcome the government’s commitment to taking the fight offshore by increasing the funding of law enforcement agencies. Scaling up their reach and resources is essential to getting ahead of the wave.

“We also see great value in a new cyber threat-sharing platform which will enable industry and government to exchange intelligence. COBA has spent almost 20 years working hand-in-hand with government and law enforcement agencies, becoming a formal partner of the Australian Cyber Security Centre, along with many of our members.

“Sharing information, working co-operatively and responding to threats in real time are vital elements for confronting increasingly brazen cyber criminals.

“Most recently, we were invited by the Department of Home Affairs to provide input on the 2020 Cyber Security Strategy, with over 40 COBA members contributing to the process. We look forward to the release of this Strategy.”