New Zealand SMEs Armed With Vital Tool In Fight Against Cyber Crime | #hacker | #pentest


As instances of phishing, fraud and unauthorised access
by cyber criminals become increasingly more commonplace in
New Zealand, a newly-launched tool is assisting small and
medium businesses around the country with a way to fight
back, with free access to a cyber security rating that shows
how secure – or not secure – their operations are, at
any given point in time.

NZI cyber insurance
specialist Andrew Beven says NZI is offering a
first-of-its-kind tool through a partnership between IAG
(NZI is part of IAG – New Zealand’s largest general
insurer) and international cyber security leader UpGuard, to
ensure that small and medium businesses around the country
are not padlocking their cyber front doors, while
accidentally leaving their back doors unlocked and wide
open.

“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.”

New Zealand’s Computer Emergency
Response Team (CERT) has reported that incidents were up 38%
between 2018 and 2019, with the top three attacks being
phishing and credential harvesting, scams and fraud, and
unauthorised access.

Mr Beven says, “it is
imperative they treat their cyber security with the same
seriousness as they would their shopfront security. It is
not an option for businesses to do nothing and gamble on
being safe. It’s important they get on the phone to their
broker as soon as possible to gain access to the
tool.”

The partnership helps users identify and
prepare for cyber risk through two
steps:

  • Cyber assurance: a free
    cyber safety risk technical assessment that provides a cyber
    risk vulnerability score, identifies potential risks and
    vulnerabilities with by insights and steps to help the small
    business customer mitigate these
    risks.
  • Cyber insurance: to protect
    the customer’s data against the unexpected – like a
    cyber risk incident or data breach.

Once
activated, the ‘Always On’ technology behind UpGuard
continually scans the customer’s internet presence for
vulnerabilities, so that at any point in time it is able to
give an accurate reading of its overall cyber
risk.

The ‘Always On’ factor means that, unlike
other similar offerings that are clunky and often have a
manual component, UpGuard is automated and constantly
monitoring.

The tool is normally only accessible by
big business and it was a natural choice for the insurer to
partner with UpGuard for small and medium
businesses.

“Insurance isn’t just
about remedying after the fact – we actively invest in
tools that help our customers to better protect themselves
before cyber attacks become an issue, which is always
preferable to remedying after the
fact.

Being able to generate a score at
any point gives greater transparency over the likely risks,
and therefore makes cover decisions much clearer and in line
with those risks.”

Vice President of Cyber Research
for UpGuard, Greg Pollock says their 2020 analysis of the
New Zealand market shows that the finance, retail, and
logistics industries have the lowest security ratings and
are therefore more likely to experience a security incident
such as a data leak.

“The silver lining is that,
when a company is made aware of a vulnerability, most of the
time, it will take immediate action to address that. That
tells us that the gap between cyber protection and
vulnerability is whether or not the business is aware –
and that’s where we step in,” says Mr
Pollock.

Businesses should speak with their broker for
advice on the appropriate NZI cyber
cover.

© Scoop Media

 



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