Busi­nesses urged to pre­pare for cy­ber at­tacks

DEMM Engineering & Manufacturing - - NEWS -

The in­sur­ance in­dus­try warns that New Zealand busi­nesses need to bet­ter pre­pare for es­ca­lat­ing cy­ber threats.

In­sur­ers are urg­ing New Zealand busi­nesses, par­tic­u­larly small and medium-sized en­ter­prises, to re­view the se­cu­rity of their net­works and in­ter­net op­er­a­tions and con­sider any gaps in their in­sur­ance cover.

Global cy­ber-at­tacks in­creased more than 2,000 per­cent in the past four years with about half orig­i­nat­ing from the Asia Pa­cific re­gion, and an es­ti­mated 75 per­cent of or­gan­i­sa­tions in this re­gion ex­pe­ri­enc­ing a cy­ber-at­tack over the past two years.

Ex­perts warn that New Zealand is woe­fully un­der­pre­pared for the in­creas­ing threat of cy­ber-at­tacks.

The in­sur­ance in­dus­try of­fers cy­ber risk in­sur­ance pro­tec­tion for in­ter­net and net­work ex­po­sures that can cover a range of mat­ters in­clud­ing li­a­bil­ity, in­tel­lec­tual prop­erty in­fringe­ment, ma­li­cious code and viruses, busi­ness in­ter­rup­tion, unau­tho­rised ac­cess, theft, web site de­face­ment and cy­ber ex­tor­tion.

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