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

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news