Cyber crime - one of the most vulnerable areas for Kiwi businesses

Cyber-crime is on the rise in New Zealand, but our businesses don't seem to be keeping up. To give you an idea of the extent of the threat - 29% of businesses who responded to a recent PWC survey said that they had been the victims of cyber-crime. That makes it the second most common form of economic crime in the country. 

With that worrying statistic in mind, how at risk are Kiwi Businesses and what can you do to protect your business?

What's the level of risk?

It's impossible to precisely quantify the risk that cyber-crime poses to New Zealand businesses. However, it's very clear that we're not adequately prepared.

  • Almost half of businesses reported that they didn't have a cyber incident plan at all.
  • Half of board members have never asked the state of their own organisation's state of cyber-readiness.

With 40% of businesses expecting to experience cyber crime in the next two years, it's clear that the threat is growing. Taking the first steps towards protecting your business could be easier than you'd think. 

 

What can businesses do to protect themselves?

Taking a few simple and affordable steps can go a long way towards protecting your business against cyber crime. In fact, the National Cyber Security Centre estimates that 85% of attacks can be prevented by using basic information risk management protocols such as the following:

  • Establishment of a risk management regime. 
  • Better home and mobile working protocols.
  • Installing company wide malware protection. 
  • User education and awareness. 
  • Installing an incident management protocol. 
  • Improving management of user privileges. 

After taking these basic steps you're left with only 15% of the original risk. That's a sizeabe reduction of risk for your business.

 

How about Cyber Insurance?

Taking a few simple and affordable steps can go a long way towards protecting your business.  Cyber Insurance is a further way to reduce the consequences of this risk exposure.  It can help to offset costs involved with recovery after a cyber-related event, reputational damage and damage to other parties.

Cyber isurance and good IT practices go hand in hand.  For more information on how they compliment each other get in touch with the expert team at Rothbury Insurance Brokers today. 


Guy Worsley

About the Author

Name: Guy Worsley        

I am a Commercial Broker at Rothbury Auckland. My 18 years experience both in New Zealand and international markets coupled with my high service standards means that I can help clients navigate their way through the complicated insurance…
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I am a Commercial Broker at Rothbury Auckland. My 18 years experience both in New Zealand and international markets coupled with my high service standards means that I can help clients navigate their way through the complicated insurance landscape.

My clients come first. It’s vital to spend time understanding my clients’ business before I provide advice. This advice is assured as I have wide knowledge and experience of liability, professional risks, property motor and marine insurance.

Plus, I am proud of my proven ability to negotiate win : win claim solutions and advise on technical insurance matters.

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Disclaimer: The articles published on this blog are designed to provide general information and do not take into account any individual’s particular circumstances. We recommend that you obtain professional advice on your requirements before making any decision about a financial product.

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