Alarmingly Low Investment Rates For Cyber Security Within New Zealand
Updated: Aug 18
As you may have recently seen across the news, the Waikato District Health Board has been the recent target of cyber criminals. It has been found that details of both patient and staff have been hacked and some of this information has been leaked onto the dark web. These details include sensitive information such as bank details, drivers’ licences and even passports.
This has initiated conversation amongst financial experts who have indicated that New Zealand as a whole have a very low investment into cyber security in comparison to some other jurisdictions. Recently, FinTech New Zealand general manager, James Brown reported that cybersecurity breaches in NZ rose by a huge 65% in just the last year- with financial losses totalling almost $17 million dollars. Financial experts are now urging businesses to take the threats of cyberattacks more seriously and to take further precautions to protect their firms.
As our businesses grow, so does our reliance on emails, databases, websites and other online systems that store sensitive information. Unfortunately this also makes businesses more vulnerable to being targeted by these cyber criminals through the use of viruses, ransomware and DoS (Denial of Service) attacks. Although internal measures can be taken to reduce losses or minimise their occurrence, there are chances that hackers are still able to break through your protective systems. As mentioned in our last post - cyber insurance can help you to recover from these attacks. This includes rebuilding databases, removing infected software as well as replacing lost income and minimising the impact to your reputation.
If you haven’t already, get in touch with the team at TIME Insurance to talk about how we can get your cyber insurance up and running!
General Advice Warning
The information provided is to be regarded as general advice. We recommend that you consider the suitability of this general advice, in respect of your objectives, financial situation and needs before acting on it. You should obtain and consider relevant product disclosure statement(s) before making any decision to purchase this type of financial product.