Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Businesses urged to prepare for threat of cyber attacks

26 May 2014

Businesses urged to prepare for increasing threat of cyber attacks

The insurance industry warns that New Zealand businesses need to better prepare for escalating cyber threats.

Insurers are urging New Zealand businesses, particularly small and medium-sized enterprises, to review the security of their networks and internet operations and consider any gaps in their insurance cover.

Internationally there have been high profile technology breaches with the recent cyber-attack on eBay and the hacking of US retail giant Target last year that compromised the personal data of millions of shoppers.

“The hacking of NIWA’s supercomputer last week is a stark reminder that New Zealand is not immune to the increasing global threat of cyber-crime,” says ICNZ Tim Grafton.

“Cyber-related crimes are believed to have cost New Zealand businesses over $625 million in 2011 and that’s probably a conservative figure because some businesses are reluctant to disclose a cyber-breach of their systems,” says Mr Grafton.

Global cyber-attacks increased more than 2000 percent in the past four years with about half originating from the Asia Pacific region and an estimated 75 percent of organisations in this region experiencing a cyber-attack over the past two years.

“Experts are warning that New Zealand is woefully underprepared for the increasing threat of cyber-attacks,” says Mr Grafton.

The insurance industry welcomes Government moves to step up efforts to address the potential risk of cyber-attacks but warned that New Zealand businesses could do more to mitigate against potential risks.

“The insurance industry offers cyber risk insurance protection for internet and network exposures that can cover a range of matters including liability, intellectual property infringement, malicious code and viruses, business interruption, unauthorised access, theft, web site defacement and cyber extortion,” says Mr Grafton.

“So it’s important that New Zealand businesses review their cyber security risks, fully understand the complexities of the very real risks they face and consider appropriate insurance to safeguard their operations and reputation,” says Mr Grafton.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Budget Policy Statement: Spending Wins Over Tax Cuts; Big Ticket Items Get Boost

Income tax cuts are on hold as the government says “responding to the earthquakes and reducing debt are currently of higher priority”, although election year tax sweeteners remain possible. More>>

ALSO:

Fishy: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news