Industry body surveys NZ on cyber security

Industry body surveys NZ on cyber security | Insurance Business

Industry body surveys NZ on cyber security
As public concerns mount over computer hacking and cyber security, the Insurance Council of New Zealand (ICNZ) has discovered a shocking lack of confidence in Kiwi businesses’ ability to deal with cyber breaches.

In a survey conducted by ICNZ, four out of five New Zealanders don’t think businesses and organisations in this country are well prepared to deal with computer hacking and keeping confidential data secure.

ICNZ CEO Tim Grafton said: “Experts are warning that New Zealand is woefully underprepared for the increasing threat of cyber-attacks and it seems the public agrees.”

ICNZ estimates that cyber-related crimes cost NZ businesses over $625 million.
But Grafton says that is probably a conservative figure because some businesses are reluctant to disclose a cyber-breach of their systems.

Figures show that global cyber-attacks increased more than 2000% in the past four years, with about half originating from the Asia Pacific region.

Roughly 75% of organisations in this region have experienced a cyber-attack in the past two years alone.

Grafton says while high profile technology breaches such as eBay and Target occurred overseas, New Zealand was still at risk.

“The hacking of NIWA’s supercomputer earlier in the year was a stark reminder that New Zealand is not immune to the increasing global threat of cyber-crime,” said Grafton.

“And the recent high profile computer hacking of emails and private messages has further emphasised the need for vigilance.”

For this reason, the topic is due to be examined more closely at ICNZ’s annual conference, to be held at Auckland’s Sky City Convention Centre on 5 November 2014.

Cyber security consultant David Shaw has been invited to explain these risks, drawing on his experience in federal and state government policing, financial services, utilities and service providers.

Matt Clarke, the Asia Pacific professional indemnity and cyber liability manager for AIG Sydney, will outline the latest in how insurers are responding to these new and evolving risks.