Industry body takes lead in cyber defence

Industry body takes lead in cyber defence | Insurance Business

Industry body takes lead in cyber defence
The Insurance Council of New Zealand (ICNZ) says the industry needs to take a leadership role in the fight against cyber-crime and signing up to a new government initiative was just one way of getting the ball rolling.
(ICNZ) has joined forces with the government on Connect Smart, a partnership led by the National Cyber Policy Office (NCPO), part of the department of the prime minister and cabinet (DMPC), to raise the profile of cyber security issues for SME’s, large enterprises and individuals in New Zealand.
ICNZ’s CEO Tim Grafton said cyber-related crimes cost Kiwi businesses over $625 million in recent years, with that being a conservative estimate as many businesses are afraid to disclose a breach of their systems.
“Experts are warning that we’re woefully underprepared for the increasing threat of cyber-attacks,” said Grafton.
“Four out of five Kiwis say that businesses and organisations are not well prepared to deal with computer hacking and keeping confidential data secure,” he said.
The insurance industry currently 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.
The Connect Smart partnership seeks to harness the collective expertise and efforts from across New Zealand to create a secure, trusted and resilient cyber environment whist responding effectively to the challenges posed.
For example, Connect Smart last week highlighted a new security vulnerability called ‘Shell Shock’ and directed affected administrators to where they could find technical advice.
It has also devised an SME toolkit which shows small to medium businesses how to give their companies a cyber WOF.
Says Grafton: “It’s important for the insurance industry to take a leadership role in supporting the development of policies and strategies designed to protect New Zealand against the increasing threat of cyber-related crime and our involvement in Connect Smart is one way of making a meaningful contribution.
More information on Connect Smart can be found at