New Zealand government advances cybercrime legislation

New Zealand government advances cybercrime legislation | Insurance Business New Zealand

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New Zealand government advances cybercrime legislation

Developments come as APAC financial institutions face rising threats

Insurance News

By
Roxanne Libatique

The New Zealand Parliament has taken a step toward strengthening the nation’s ability to counter cybercrime, with new legislation passing its first reading.

The bill, introduced by Justice Minister Paul Goldsmith, aims to align New Zealand’s laws with the Budapest Convention on Cybercrime, the only binding international treaty focused on this issue.

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New Zealand’s commitment to addressing cybercrime

Goldsmith emphasised the importance of the legislation, citing data that 11% of New Zealanders were impacted by cybercrime and fraud in 2023, resulting in both financial and emotional harm.

“It will help our law enforcement agencies to protect New Zealanders, by providing the tools they need to detect, investigate, and prosecute criminal offending, even when it happens online,” he said.

New Zealand legislation to address cybercrime

Key measures in the bill include amendments to the Search and Surveillance Act, allowing law enforcement to issue “preservation directions” that require companies to maintain data as potential evidence.

The Mutual Assistance in Criminal Matters Act will also be updated to facilitate greater cooperation with foreign authorities in criminal investigations.

Additionally, the Crimes Act will be amended to ensure that offences related to cybercrime are in full alignment with international standards.

Increasing cyber threats in Asia Pacific

These developments come as cybercrime continues to pose a major challenge to both individuals and businesses in New Zealand and across the Asia-Pacific (APAC) region, highlighting the importance of legislative and technological measures to protect against evolving threats.

The findings also highlighted that phishing remains the most common form of cyberattack, with financial services experiencing the highest levels of brand impersonation and counterfeit domains.

The report indicated that geopolitical factors, such as the conflict between Russia and Ukraine, have contributed to a rise in cybercrime, with groups like REvil and KillNet intensifying their activities.

The financial sector also faces growing threats from increasingly sophisticated attacks targeting application programming interfaces (APIs), with shadow APIs – those that are not actively monitored – posing a significant risk.