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UPDATE 1-Commonwealth Bank of Australia's Indonesian arm hit by cyber attack

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March 8 (Reuters) - Commonwealth Bank of Australia said on Wednesday its Indonesian unit, PT Bank Commonwealth (PTBC), had been hit by a cyber incident.

The incident involves unauthorised access of a web-based software application used for project management, and the bank's Australian systems were segregated from PTBC systems, CBA said, confirming that the unit's services will operate as usual.

Cyber attacks against Australia from criminals and state-sponsored groups have jumped recently, with a government report equating the assault to one attack every seven minutes.

In Australia, at least eight companies have reported cyber attacks in the last few months, the largest being health insurer Medibank Private and Optus, the local unit of Singapore Telecommunications.

Shares of CBA dropped about 0.9% to A$98.04, in line with the broader market down nearly 1% on Wednesday.

(Reporting by Harshita Swaminathan and Riya Sharma in Bengaluru; Editing by Sherry Jacob-Phillips)