Businesses urged to prepare for cyber attacks
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.