Business’ cybersecurity could affect insurance premiums | #cyberfraud | #criminal | #cybercrimnals

NZI insurance premiums for businesses could be affected by how vulnerable their online systems are against hackers.

This week the insurance company launched a cyber score service that worked like a credit score to determine the premium businesses paid.

NZI cybersecurity specialist Andrew Bevan said the cyber score showed a value between 0 (poor) and 950 (excellent).

“Local businesses have been transitioning to online with great vigour over the last few years, but with Covid-19, we are seeing that businesses are having to transition very quickly and unexpectedly to online platforms for business continuation, meaning more businesses than ever are susceptible,” Bevan said.

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The premium was based on how the business placed within that scale, from a discount at the upper end, to a higher premium at the lower including declining to offer a policy to terms for a new business, he said.

Bevan said making the cyber score available to its customers was a step towards greater transparency on how NZI calculated premiums.

“We will run them through the tool before purchase, and even if they do not meet the threshold for us offering terms, we can provide them with the report.

“However, due to the always on nature of the service, as soon as a business has plugged the necessary vulnerabilities … they will be considered for a premium again.”

NZI says it determines business’ insurance premiums on how tight their cybersecurity is.


NZI says it determines business’ insurance premiums on how tight their cybersecurity is.

The free tool for NZI customers was aimed at small and medium enterprises, as most large companies had the resources to scan for vulnerabilities in-house.

Last week the Financial Markets Authority (FMA) reported a steep rise in the number of investment scams attempting to impersonate legitimate New Zealand businesses since the emergence of Covid-19.

FMA research has also shown one-in-five people had been targeted by investment scams.

Between April and November, the FMA issued 61 warnings about investment scams, of which about a third were impostor scams, where the names and details of legitimate businesses were unlawfully used by scammers to trick investors, such as fake websites or social media accounts.

By comparison, for same period last year, the FMA issued 40 warnings and only four were impostor scams.

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