New Zealand Businesses Need To Prepare For Cyber Attacks | Scoop News – Scoop.co.nz

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Tuesday, 29 June 2021, 11: 11 am


Press Release: Make Lemonade

More New Zealand businesses need to wake up to ensure
they don’t suffer cyber-attacks, FintechNZ general manager
James Brown says.

Kiwi cyber security incidents jumped
65 percent last year, with an associated $16.9 million in
direct financial losses, which are just the tip of the
iceberg, Brown says.

“Only six percent of Kiwi
companies have adequate protection. On average, companies
take about 197 days to identify and 69 days to contain a
breach according to IBM.

“New Zealand has a high
concentration of smart phone adoption which could make
businesses and organisations more vulnerable.”

While
businesses’ attitudes to cyber security are shifting,
three in five small businesses believe they should be doing
more to keep secure online, government agency CERT NZ
says.

Their research survey just released shows most
small businesses with an online presence understand the
importance of protecting their websites.

Over half of
those surveyed said their organisation is concerned about
cyber security, and 46 percent are trying to learn more
about keeping their online business safe.

But some
small businesses are not taking action to secure themselves.
Only 38 percent believe their business adequately invests in
cyber security, and just 34 percent believe their business
has put a lot of thought and planning into being cyber
secure. Under half have processes in place to prevent a
cyber-attack.

Wellington based cyber-security company
InPhySec helps many businesses secure their sensitive
information.

There are a number of basic steps that
can be taken to protect information, InPhySec principal
consultant Jonathon Berry says.

“Cyber-security
isn’t necessarily an expensive proposition. Outsourcing to
a managed security service gives a high level of protection
at a reasonable cost.

“Prevention is certainly far
more cost-effective and much less stressful than having to
respond to a breach or compromise.”

Wellington’s
Red Shield continues to be world leading in this cyber
defensive space. The Kiwi company was the world’s first
web app protection service to protect big business against
vulnerabilities and cyber-attacks.

Wellington’s
RedShield continues to be world leading in this cyber
defensive space, protecting web-apps around the
globe.

Andy Prow, RedShield's founder, says Kiwi
companies are starting to take cyber security and the
protection of their customers seriously.

“But we
still see a vast gap in budgets. Our Australian, US and UK
customers have vastly higher cyber-security budgets, and
it's not just due to their size, but due to the critical
importance and priority they put on it. For New Zealand to
catch up we need to start prioritising budgets
accordingly."

Brown says the global covid pandemic has
provided cyber criminals with a fertile ground to execute
scams and reap the riches.

“We need to increase
protection against attacks, especially bearing in mind that
more than 90 percent of New Zealand companies are small
businesses.

“New Zealand is not exempt from major
cyber-attacks which could impinge on the economy and
livelihood as a nation. We need to understand the nature of
cyber threats and key issues that government and private
sector
face.

© Scoop Media


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