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The National Cyber Policy Office has concluded a number of workshops across Auckland, Wellington and Christchurch on the refresh of New Zealand’s Cyber Security Strategy and Action Plan.
It heard from a range of companies including banks, financial services firms, insurers and cyber security providers about the importance of cyber security to businesses and individuals, and discussed the principles and goals of addressing the topic going forward. According to the National Cyber Policy Office, participants “generally considered the current goals – resilience, capability, addressing cybercrime and international cooperation – to be relevant and appropriate areas of focus, but challenged whether they should remain in their current form.”
New Zealand is currently ranked 19th for its commitment to cybersecurity in the Global Cybersecurity Index (GCI). According to cyber specialist Delta Insurance, New Zealand has “fallen far behind international standards,” and with one in five SMEs being hit by cyberattacks per year but only 6% holding insurance, Kiwi businesses “must tighten their lax cyber regimes, fast.”
The workshops dissected a number of questions related to New Zealand’s current resilience to attacks, and explored what might be done to incentivise businesses to improve their cyber security. Participants suggested that there should be a national standard for cyber security insurance, as well as a tightened national infrastructure that is well adapted to resist threats.
The groups also discussed how the impact of cybercrime might be minimised and whether current legislation was sufficiently fit for purpose to address the threat, particularly when it comes to enforcement and detection. International cooperation was also raised as a key issue, with participants asking how New Zealand could leverage its international relationships and influence global standards on cyber security.
“Business owners need to keep their finger on the pulse when it comes to data security,” said Delta Insurance managing director Ian Pollard. “Compensation claims for data protection, privacy and cyber issues are rarely litigated in New Zealand, so business owners seem to think they won’t suffer financially after a breach. But claims for compensation are actually on the rise, and experts have put the real cost of cybercrime at around $250-400 million a year.”
The National Cyber Policy office is welcoming feedback on the ideas raised in its workshops, and will continue to seek feedback throughout July and August.
