News eDaily17 May 2017

New Zealand:88% of business owners ignorant of cyber cover

17 May 2017

Eighty-eight percent of New Zealand business owners are unaware that they can insure their businesses against cyber attacks, which can put their livelihoods and business' reputation at risk.

Major insurer NZI’s research of 200 New Zealand business leaders showed that while they are becoming increasingly concerned about connectivity, they are doing little to protect their businesses should they be hit by a ransomware attack, reported the news site Voxy.co.nz.

Only 6% of SMEs in New Zealand have cyber insurance, compared with 14% in Australia -- leaving many companies vulnerable to the devastating impact of an attack. This is despite the Symantec Cyber Security Survey revealing that virtually the same percentage of small businesses (19% in Australia versus 18% in NZ) have experienced a cyber attack.

Mr Ryan Clark, NZI’s National Manager Liability, said: "It is very concerning that such a small amount of SMEs are insured for a cyber attack when the threat is clearly imminent."

"There is a clear disconnect between New Zealand businesses and cyber attacks being a relevant threat. When we analysed search engine trends last year we literally saw only a few hundred searches on key terms, even given the emerging issues and publicity in relation to cyber threats in New Zealand."

He said that the current global cyber attack in more than 150 countries through the WannaCry ransomware-- believed to be the biggest online extortion scheme ever recorded -- proves that cyber risk is a very real threat no matter where in the world one is.


 

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