Few NZ companies have adequate cyber protection May 15, 2019

Auckland - Barely six percent of business and companies in New Zealand have adequate cyber protection which means they are not prepared for cyber-attacks, FintechNZ general manager James Brown says.

He says the impact of these attacks on the insurance sector would be greater than natural disasters.

Brown made the comment today following reports that Facebook's WhatsApp users could be vulnerable to having malicious spyware installed on phones without their knowledge.

The NCSC, a part of the NZ Government Communications Security Bureau, recorded 347 cyber security incidents in the reporting year from 1 July 2017 to 30 June 2018.

Of those, 134 incidents contained indicators that had been linked to known state-sponsored cyber actors. This was up nearly 10 percent from the previous year.

Cyber security will be on the agenda at a number of events during Techweek around New Zealand next week.

“We need to increase protection against attacks, especially bearing in mind that more than 90 percent of New Zealand companies are small businesses.

“New Zealand is not exempt from major cyber-attacks which could impinge on the economy and livelihood as a nation. We need to understand the multi-dimensional nature of cyber threats and key issues that government and private sector face.

“Cyber risks are a borderless challenge and we can always improve on national preparedness in our cyber-attack strategy. We want to ensure the cyber security of our national infrastructures, our businesses and people.

“Cyber-crime is rising and is increasingly being identified as a top threat to New Zealand, as criminals, rogue nations and others in the dark net seek to strike and disrupt at any moment,” Brown says.

NZ tech businesses have developed an outstanding global reputation for innovation, however the ever-expanding scope of emerging technology stand as both the industry’s greatest strength and weakness.

“The tech sector epitomises Kiwi ingenuity and entrepreneurial flair. With exports amounting to nearly $7 billion and total revenue predicted exceeding $10 billion in 2017, the industry is an integral part of the New Zealand economy,” he says.

For further information contact Make Lemonade editor-in-chief Kip Brook on 0275 030188