Ciaran Martin, the chief executive of the NCSC, told the meeting that Huawei's presence in British networks was subject to rigorous, formal oversight led by his organisation.
"Because of our 15 years of dealings with the company and 10 years of a formally agreed mitigation strategy which involves detailed provision of information, we have a wealth of understanding of the company," Martin said.
"We also have strict controls for how Huawei is deployed. It is not in any sensitive networks – including those of the government. Its kit is part of a balanced supply chain with other suppliers. Our regime is arguably the toughest and most rigorous oversight regime in the world for Huawei."
The UK Department for Digital, Culture, Media and Sport is conducting a review of the country's telecommunications infrastructure.
Asked about this, a DCMS spokesperson told iTWire: "The security and resilience of UK's telecoms networks is of paramount importance.
"As part of our plans to provide world class digital connectivity through full-fibre connectivity and 5G mobile coverage, we are conducting a review of the supply chain to ensure a healthy, diverse and secure supply base, now and into the future."
iTWire understands that the review, which is expected to submit its report during the Western spring, is not a binary review about the country from which telecommunications equipment is sourced.
Martin said the NCSC had identified issues with Huawei's engineering and security processes last year.
"Last July, our annual Oversight Board downgraded the assurance we could provide to the UK government on mitigating the risks associated with Huawei because of serious problems with their security and engineering processes," he said.
"As we said then, and repeat today, these problems are about standard of cyber security; they are not indicators of hostile activity by China. The company has accepted these findings and pledged to address them, acknowledging that this will be a process of some years.
"We will monitor and report on progress and we will not declare the problems are on the path to being solved unless and until there is clear evidence that this is the case. We will not compromise on the improvements we need to see from Huawei."
As iTWire reported on Wednesday, Germany has indicated it may snub the US and allow Huawei to play a role in 5G networks in the country.
The US has been campaigning for nearly two years to get countries it considers allies not to use Huawei gear in their 5G rollouts. Australia and New Zealand have fallen in line, but Wellington has now indicated that the initial refusal for telco Spark to use Huawei gear is not the end of the matter.