Ian Pollard discusses a concerning new white paper on the state of cyber security in New Zealand. But on a more positive note, he also talks about how cyber insurance is evolving to meet the threats.
Cyberattacks are one of the most dangerous threats facing New Zealand businesses.
That isn’t exactly news to, well, anyone. But what is news is this: a new white paper from Delta Insurance highlights just how serious the issue is – and the fact many businesses aren’t doing enough to protect themselves despite the fact Aotearoa is a prime target for cyberattacks in the Asia-Pacific region.
According to the white paper, New Zealand, despite its geographical isolation, remains highly vulnerable to cyberattacks. The paper states that while the nation has expanded its cyber resilience capabilities and strategies to deal with attacks, New Zealand remains one of the “Cyber Five” – alongside South Korea, Australia, Japan and Singapore – who appear to be more vulnerable to attacks than any other Asia-Pacific economy.
The white paper states that New Zealand sits at 19th in the Global Cybersecurity Index, which measures a country’s commitment to cybersecurity. Across the Tasman, Australia is in 7th place.
Perhaps the most concerning takeaway from the white paper is that many New Zealand businesses remain underprepared. Almost one in five New Zealand small-to-medium enterprises (SMEs) have been targeted by a cyberattack, with an average financial loss of $19,000. Yet while the number of Australian and New Zealand small businesses who have faced a cyberattack are virtually identical (19 percent in Australia and 18 percent in New Zealand), only six percent of New Zealand SMEs have cyber insurance, compared with 14 percent of Australian SMEs.
A few recent serious cyberattacks:
Also concerning is this: according to the white paper, the total cost of cyber threats to New Zealand was estimated at $257 million in 2016, and that there are, on average, 108 cyberattacks in New Zealand every day. About 100 million cyberattacks in New Zealand were thwarted in 2016 – a two-fold increase from 2015.
Delta co-founder Ian Pollard took some time to chat with Idealog about the white paper, why cyber insurance is something businesses and individuals should consider, and how cyber insurance is evolving along with the threats. Have a listen below: