News Technology09 Oct 2018

New Zealand:Spike in number of reports of cyber incidents

09 Oct 2018

There has been a very large increase in cyber incidents reported to the Computer Emergency Response Team (CERT), Mr Tim Grafton, chief executive of the Insurance Council of New Zealand (ICNZ) has said.

CERT, a key component of New Zealand’s Cyber Security Strategy 2015, helps Kiwis better understand and stay resilient to cyber security threats, contributing to the delivery of the Strategy’s vision of ”a secure, resilient and prosperous online New Zealand”. CERT undertakes threat identification, vulnerability identification services, incident reporting services, response coordination services and readiness support services.

ICNZ is reminding small and medium sized business owners to take a look at their cyber security this week which is Cyber Smart Week.

"Managing cyber risks is key for small-medium enterprises hoping to succeed in a modern, digital world," said Mr Grafton.

According to CERT’s second 2018 quarterly report, cyber incident reporting by organisations has increased 143% since 1Q2018. In that period, 507 cyber incidents were reported by organisations. Direct financial losses from all cyber incidents for the period were NZ$2.2m ($1.4m).

"It’s important to remember that this is just what CERT is aware of," said Mr Grafton. "NZ$2.2 million is probably a conservative number; there will be many people who don’t report cyber incidents to CERT or may not realise they suffered a cyber attack.

"In an increasingly digital world, the likelihood is these attacks will continue and small businesses are vulnerable because they’re less well resourced than their large counterparts."

 

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