Govt to review cybersecurity threat

A panel of experts will review the nation's cybersecurity following a 40 per cent rise in attacks.

Prime Minister Tony Abbott says the security of the nation's IT networks is critical to business, government and personal safety.

The review, which comes six years after the last inquiry, will examine corporate and government security and the types of cyber threats likely to present the biggest challenges.

Defence spy agency the Australian Signals Directorate last year responded to 940 significant cybersecurity incidents - a 37 per cent rise on the previous year.

Cybercrime is said to cost the community more than $1 billion a year.

The review panel will include business chief Jennifer Westacott, Cisco's chief security officer John Stewart, Telstra's chief information security officer Mike Burgess, and security analyst Tobias Feakin.