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

 

Industry to advise on new cyber crime unit

Thursday 05 May 2016 02:49 PM

Industry to advise on new cyber crime unit; SMEs credentials scheme planned

By Fiona Rotherham

May 5 (BusinessDesk) - Communications Minister Amy Adams is setting up a private sector advisory board to help set up and run the new national Computer Emergency Response Team and introducing a cyber credentials scheme for small businesses later this year.

In a pre-budget announcement this morning, Prime Minister John Key told the country’s first ever Cyber Security Summit in Auckland that the government will spend $22.2 million over the next four years to help combat cyber crime, which is estimated to impact more than 856,000 New Zealanders each year.

The national CERT will help prevent and act on cyber incidents in partnership with the private sector and other organisations.

Attacks can range from computer viruses and malware, credit card fraud, online scams, phishing and identity theft through to full-scale incidents such as the leaking online of company information experienced by Sony Pictures, the theft of credit card details from more than 110 million customers of US department store Target, or the shutdown of Ukraine's power grid.

A recent report indicated cyber crime costs New Zealand’s economy $257 million in 2015, though Adams said she suspects the real cost may be higher still.

The Government’s National Cyber Security centre logged 316 incidents in the year to April 2016, up from 190 in the 12 months to June 2015. Adams said in a typical month the GCSB through Project Cortex detects seven potentially significant cyber intrusions affecting one or more substantial New Zealand organisations.

“Cyber crime is now bigger than the drugs trade internationally,” Adams said, and New Zealand businesses and boards need to manage their own risk with a cyber crime strategy that doesn’t just sit within IT.

Adams said CERT, which is being modelled on similar units in other countries, will be a one-stop shop for incidence response to cyber crime – taking reports for analysis and referring incidents to the right agencies. It will also pass on to companies an informed picture of the cyber security threat in “real time”, she said.

“Most cyber incidents emanate from other countries so offshore coordination will be important,” she said.

CERT NZ will initially sit within the Ministry for Business, Innovation and Employment to get it up and running quickly but Adams said that’s unlikely to be its long-term structure.

She’s opened applications for private sector experience for a CERT advisory board as “it won’t reach its full potential without a strong private sector voice”.

Adams also wants to build the cyber capability of small and medium-sized enterprises as international research shows cyber criminals are increasingly focusing on smaller firms.

A US study found 60 percent of SMEs went out of business within six months of a data breach. “The per capita cost of cyber crime for small organisations is three times greater than for a large organisation,” she said.

Adams said she wanted a cyber credentials scheme up and running by later this year to assess whether companies have basic cyber protection in place that they could then publicly demonstrate to customers and suppliers.

Similar to the UK’s Cyber Essentials scheme, it will involve self-assessment and independent verification through a certification process.

In 2011, the government launched its first every Cyber Security Strategy and opened a National Cyber Security Centre to help defend government agencies and critical infrastructure providers against cyber threats.

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Contact: Business Drops, New Generation On Hold

New Zealand’s second-largest energy company Contact Energy (‘Contact’) released its full year financial results for the 12 months to 30 June 2020 (‘FY20’) this morning. More>>

Mining: OceanaGold Announces Receipt Of WKP Mining Permit

MELBOURNE, Australia, Aug. 6, 2020 /CNW/ - OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the 'Company') is pleased to announce it has received the mining permit for Wharekirauponga ('WKP') on the North Island of New Zealand. ... More>>

ALSO:

Economy: COVID-19 Lockdown Has Widespread Effects On Labour Market

In the June 2020 quarter, the seasonally adjusted unemployment rate fell to 4.0 percent, down from 4.2 percent last quarter, while underutilisation rose, Stats NZ said today. More>>

ALSO:

NZ Post: New Research By NZ Post Shows Online Shopping Grew 105% In Alert Level 3

New research by NZ Post into how the COVID-19 response has impacted the way Kiwis shop online, shows online shopping increased 105%* when the country moved into Alert Level 3, and may have changed the way Kiwis shop permanently. Online spend peaked ... More>>

ALSO:

Banking: Westpac NZ Lowers Merchant Fees For Small Businesses

Westpac NZ is rolling out a new merchant fee pricing structure that will lead to cost savings for more than 10,000 small and medium Kiwi businesses, and could make contactless transactions more widely available for customers. On 1 September, most ... More>>

REINZ: Million Dollar Plus Property Sales Increase 11.7% Nationally

The number of properties sold around the country for one million dollars or more during the first half (H1) of 2020 increased by 11.7% compared to H1 2019, with 5,426 million-dollar plus properties sold (up from 4,858 in H1 2019) according to the Real ... More>>

Antarctica NZ: Ice-Olation

Antarctica New Zealand is gearing up for a much reduced season on the ice this year and a very different deployment to normal! Before they head to one of the remotest places on the planet, all personnel flying south with the New Zealand programme will ... More>>

ALSO:

QV Valuations: July House Price Index Illustrates Market Resilience

According to the July 2020 QV House Price Index (HPI) results out today , property values recorded a marginal increase, up 0.2% over the month. This is somewhat of a turnaround from June, after the national index edged 0.2% lower. More>>

ALSO:

Property: Queenstown Rents Experience Biggest Drop In Seven Years

Rental prices in the Queenstown-Lakes district saw the biggest annual percentage drop in seven years after falling 28 per cent on June last year, according to the latest Trade Me Rental Price Index. Trade Me Property spokesperson Aaron Clancy said ... More>>

Seismology: The Quiet Earth

As many daily activities came to a halt during lockdown, the Earth itself became quiet, probably quieter than it has been since humans developed the technology to listen in. Seismologists have analysed datasets from more than 300 international ... More>>

RNZ: James Shaw Says Kiwibank, Not Ministers Should Decide On Investors

Climate Change Minister James Shaw says Kiwibank's decision to stop doing business with companies dealing in fossil fuels is the right one. More>>

ALSO:

FMA: Kiwis Confident Financial Markets Will Recover From COVID-19, Plan To Increase Investments

Despite the majority (60%) of investors experiencing losses as a result of COVID-19, the outlook on investing remains positive, according to a Financial Markets Authority (FMA) survey. Most Kiwis (71%) were optimistic that the pandemic will pass eventually ... More>>

FIRST Union: Warehouse Using Covid For Cover As Extensive Restructure Makes Everyone Worse Off

(FIRST Union comments on The Warehouse consultation and proposed restructure) 'Unfortunately the Warehouse have done the disappointing thing and used Covid-19 to justify a bunch of operational business decisions that will leave hundreds of workers without jobs ... More>>

ALSO: