NZI launches cybersecurity tool for SMEs

Partnership gives access to technology normally available to large businesses only

NZI launches cybersecurity tool for SMEs

Insurance News

By Gabriel Olano

NZI has launched a cybersecurity tool for its small and medium business customers, as instances of phishing, fraud and unauthorised access continue to rise in New Zealand.

The tool was developed via a partnership between NZI’s parent firm IAG New Zealand and international cybersecurity firm UpGuard. It provides businesses free access to a cybersecurity rating that shows how secure (or vulnerable) their operations are. It is usually available only for large businesses, but the partnership has made it accessible to small and medium enterprises.

“Local businesses have been transitioning to online with great vigour over the last few years, but with COVID-19, we are seeing that businesses are having to transition very quickly and unexpectedly to online platforms for business continuation, meaning more businesses than ever are susceptible,” said NZI cyber insurance specialist Andrew Beven.

New Zealand’s Computer Emergency Response Team (CERT) has reported that the number of cyber incidents increased by 38% between 2018 and 2019, with the top three attacks being phishing and credential harvesting, scams and fraud, and unauthorised access.

UpGuard said that, once activated, its ‘Always On’ technology continuously scans the customer’s internet presence for vulnerabilities, so that at any point in time it is able to give an accurate reading of its overall cyber risk.

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