SMEs need cyber insurance

by Kelly Gregor02 Mar 2018

Almost 20% of Kiwi SMEs are suffering cyberattacks to the tune of $19,000, according to CERTNZ, the government’s online resource to fight and report digital threats.

CERTNZ forms part of the government’s 2015 Cyber Security Strategy, and in the 2016 Budget, $22.2 million was used to set up CERT (Computer Emergency Response Team). In establishing CERT, New Zealand joins an international network of CERTs.

The World Economic Forum cited cyberattacks in their top 10 global risk factors over the next decade, which also include famine, natural disasters and social instability.

Delta Insurance published a White Paper on cyber threats yesterday and reported that CERT claimed 29% of reported incidents experienced some form of loss whether that we financial, reputational or data.

“Given that CERT has only recently been introduced in New Zealand, this number is likely to be understated and is expected to spike in coming years with companies currently only focused on resolving the issues and notifying various parties rather than reporting the incident itself.

“The assumption that New Zealand’s geographical location limits the probability of a cyberattack is a major factor in the lack of defence. The internet knows no boundaries, so the distance between safety and a cyber incident is just a click away,” Delta said.

Delta added that New Zealand has been ranked the fourth largest target in the Asia-Pacific region and 21st globally to be hit by a ransomware attack, according to the New Zealand Cyber Security Summit Report (2016).

 

Related stories:
Bankers’ Association raises online safety awareness
NZ firm acknowledges cyber threat
 

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