The remarks came during the 3rd India-Australia Cyber Dialogue here on Wednesday.
The dialogue provided an opportunity to discuss current and emerging cyber security issues including Information and Communication Technology (ICT), national approaches to cyber security policy and legislation, international issues including respective views on the UN Group of Governmental Experts and Open Ended Working Group, critical technologies, and cooperation to address cybercrime.
"Both countries noted their sustained concern with the increasing frequency and seriousness of cyber security incidents that have the potential to impact the national and economic security of respective countries and undermine international peace and security," said the statement.
"India and Australia affirmed commitment to ensure security and stability in cyberspace underpinned by their shared commitment to the implementation of the UNGGE reports of the 2013 and 2015 on the application of international law, in particular the UN Charter, agreed norms of responsible state behaviour, confidence building measures and capacity building."
The statement said both the countries are committed to a constructive dialogue on these issues in multilateral forums including the UN Group of Governmental Experts and Open Ended Working Group.
Noting the need to strengthen bilateral engagement on cyber security and technology policy issues, India and Australia agreed to further enhance practical cyber security policy cooperation through reciprocal expert exchanges to share information on cyber security policy development, telecommunications, legislative developments, and engagement with the private sector.
India and Australia agreed to commence in-country expert exchanges, noting that Australia had offered to host the first interaction, said the statement.
The two nations agreed to work towards the establishment of a Joint Working Group on Cyber Security Cooperation and to commence negotiations for a Framework Agreement on Cyber Cooperation.
Both the countries noted that the increasing ubiquity of the Internet of Things (IoT) provides significant opportunities and benefits for their respective economies, including through the development of Smart Cities. Capitalising on these opportunities relies on security being built in by design.
It was acknowledged that greater international cooperation is required to address the cyber security risks currently posed by insecure IoT devices and shape and align security standards for IoT devices globally, said the statement.
"India and Australia committed to share information on IoT security standards and best practices and to cooperate to promote security by design as a core element of IoT development."
The Dialogue discussed the growing importance of critical technologies to national and international social and economic well-being, and security.
Noting this, both countries agreed to continue further dialogue on these issues and look forward to identifying opportunities for further collaboration on the cyber security of critical technologies.
The dialogue was attended by the Indian delegation led by Upender Singh Rawat, Joint Secretary in charge of e-Governance, Information Technology and Cyber Diplomacy at the Indian Ministry of External Affairs, and consisted of representatives of NSCS, MHA, MeitY, DoT, CERT-In and NCIIPC.
The Australian delegation was led by Ambassador for Cyber Affairs Dr Tobias Feakin and included representatives from the Department of Foreign Affairs and Trade, Department of Home Affairs, the Australian Signals Directorate's Australian Cyber Security Centre and Australian Federal Police.
( With inputs from IANS )