SMEs urged to act now as cyber threats surge in New Zealand
SMEs urged to act now as cyber threats surge in New Zealand | Insurance Business New Zealand
Cyber
SMEs urged to act now as cyber threats surge in New Zealand
On the bright side, cybersecurity investments are on the rise
Cyber
By
Roxanne Libatique
CERT NZ is calling on businesses across Aotearoa to make cybersecurity a top priority as cyberattacks increasingly target small businesses.
It noted that nearly half of all cyber incidents in New Zealand are aimed at small and medium-sized enterprises (SMEs), with the average cost of a data breach estimated at NZ$173,000.
Cybersecurity readiness of SMEs in New Zealand
The NCSC’s 2024 SME Behaviour Tracker showed that while some businesses have incorporated basic cybersecurity measures, many only act after falling victim to an attack.
In addition, key cybersecurity practices are still lacking across many SMEs. The report noted that 35% of small businesses do not back up their data regularly, and 23% fail to update software consistently, leaving them vulnerable to potential threats.
To help businesses address these challenges, the NCSC has introduced the Own Your Online initiative, which offers free resources and advice on cybersecurity. The platform includes an online assessment tool that provides a customized plan to improve each business’s cyber resilience.
Cybersecurity investments on the rise in Australia and New Zealand
A broader trend in Australia and New Zealand (ANZ) pointed to growing investments in cybersecurity.
This heightened focus is attributed to increasing regulatory demands and the occurrence of high-profile cyberattacks. Along with cybersecurity, other top investment areas include data analytics, cloud computing, and generative artificial intelligence (AI).
Brian Ferreira, vice president of EXP advisory services at Gartner, said that stricter regulations and recent large-scale cyber incidents are prompting organisations to bolster their defences.
“This continues to drive significant focus and investment towards cybersecurity and legal compliance into next year,” he said, as reported by Security Brief.
The findings, based on responses from 109 ANZ CIOs, were presented at the Gartner IT Symposium/Xpo held on the Gold Coast.
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