The Covid-19 outbreak and imposed lockdowns has pushed many small kiwi business towards online means of doing business.
Frankie supports calls for such businesses to consider and understand the risks of going online. Online cyber criminals are aware of these developments and are out in force to find businesses with inadequate data protection.
Data breach and cyber crime risk has never been higher for small businesses and extra security practices and homework are required by owners and management.
We believe a cyber insurance policy combined with more stringent processes is essential for comprehensive protection against the risks of cyber crimes at your business. This also provides fundamental security for the details of your vital customers.
A recent survey released by Aura Information Security shows a worrying rise in cyber-attacks among small business in New Zealand. A survey of more than 360 found at least a third reported some kind of cyber attack over the past year representing a 10% year on year increase.
Cybercrime is paying increasingly well for cyber criminals and small businesses are vulnerable targets, with less security measures in place compared to larger companies in New Zealand.
The survey also highlights how many small businesses are not aware of impending changes to Privacy Bill changes.
New mandatory data breach notifications are required as part of the bill, but the survey found only half of Kiwi businesses are aware of these requirements, meaning they could be at risk of fines and breaches of the Privacy Bill if they suffer a future data breach.
It is promising to see that the report highlights more and more management are taking cyber security seriously. We hope Kiwi decision makers are considering adequate cyber liability insurance as part of these concerns, to provide them essential cover for what is an ever increasing risk to small and large businesses.
The thought of having a website or business taken down by a hacker or hacking group is a chilling thought in itself, let alone having it attacked by an extremist hacker group.
A New Zealand woman, Ms Crystella, has had her business website "hijacked" by an apparent Islamic extremist hacker group, which replaced her site with photographs including ones depicting Isis flags. Ms Crystella said when she first noticed the hack, there was a timer on the page, which she worried could be linked to videos of Isis beheadings. Police told her the site needed to be "shut down immediately", because it posed a security risk, and quizzed her for 45 minutes asking "thorough" and "specific" questions.
Last June a number of Australian websites were targeted by the group, with one report claiming thousands were hacked in a single day. Australia's biggest car mechanic group, Ultratune, was hacked in May last year by the same group, in a hijacking which appeared to be making a statement about the conflict in the Middle East.
Check out this great video featured on Insurance Business TV. It provides a more holistic view around the rise of cyber insurance, and why an SME should now expect his broker to discuss cyber insurance as a very real risk prevention strategy. The video covers a range of topics including how Cyber insurance is not new but has become increasingly relevant, especially with new legislation in place.
New Zealand had the fourth-highest number of cyber-attacks in the Asia Pacific region last year. Whether it is at home, or at the office, our connectedness with the internet these days means that we are at risk whenever and however we engage with every day life.
Tips for cybersecurity:
A great article showcasing the NZ markets exposure to cyber threats and just what a business should consider when assessing its options for protection.