Cybercrime in Finance Sector Plagues New Zealand, Experts Warn

A surge in cybercrime activity has been reported across New Zealand’s financial sector, prompting warnings from experts of the devastating consequences it can have on individuals and businesses.

The Growing Concern of Cybercrime

Cybercrime, which involves the use of technology to facilitate illegal activities, is a growing concern globally. According to experts, most crimes now have a technology component, making it crucial for individuals and organizations to be vigilant against these threats.

Types of Cybercrime Offenses

• Pure cybercrime offenses: Computer intrusions, attacks on computer systems, malicious software, and ransomware attacks are becoming increasingly common.
  • These types of attacks can result in the theft of sensitive information, financial loss, and even disruption of critical national infrastructure.

Common Types of Cyber Security Attacks

• Computer intrusion: Unauthorized access to a computer system or device, often through deception or by exploiting vulnerabilities.
• Attacks on computer systems: Installing malware, crippling critical national infrastructure, and other forms of attack.
  • Examples include SQL Injection, Cross-Site Scripting, Man-in-the-Middle attacks, Malware attacks, Denial-of-Service attacks, and Brute-Force and Dictionary attacks.

The Rise of Malicious Software

• Malware: Malicious software that can perform tasks discreetly without detection by the user.
  • Examples include recording keystrokes, capturing screenshots, encrypting files, and providing remote access to a computer.

Ransomware Attacks: A Growing Concern

• Ransomware attacks: Malicious software denies individuals or organizations access to their files or systems unless they pay a ransom.
  • The New Zealand Government has issued guidance on cyber ransom payments, discouraging the payment of ransoms and urging victims to report incidents to relevant agencies.

Cyber-Enabled Crime: A Growing Concern

• Cyber-enabled crime: Technology is used to facilitate criminal activity such as online scams, threats to life or public safety, and possessing or distributing objectionable material.
  • Examples include phishing, cold calling, forgery, identity theft, and spam.

Preventive Measures Against Cybercrime

To combat cybercrime, experts recommend implementing multiple layers of defense, including:

• Application security
• Multi-factor authentication
• User access controls
• Authorisation
• Encryption
• Firewall
• Education

Individuals can also take preventive measures such as:

• Regularly updating operating systems and anti-virus software
• Being cautious when opening emails or attachments
• Backing up files to a separate storage device

Conclusion

As the financial sector continues to grapple with the threat of cybercrime, it is essential that individuals and organizations remain vigilant and report any incidents to relevant authorities. With the right measures in place, New Zealand can work towards minimizing the impact of cybercrime on its economy and society.