Cybercrime in New Zealand’s Finance Sector: A Growing Concern
New Zealand has emerged as one of the most targeted countries for cyberattacks globally, with financial institutions bearing the brunt of these attacks. According to recent statistics, there was a staggering 65% increase in cyberattacks in the country last year, with financial services being a prime target.
Phishing: A Common Method Used by Hackers
Phishing remains one of the most common methods used by hackers to compromise financial institutions’ systems. In 2020 alone, there was a 62% surge in phishing attacks compared to the previous year, highlighting the need for increased vigilance and cybersecurity measures.
Sophisticated Attacks on the Rise
The Reserve Bank of New Zealand has warned that cyberattacks are becoming increasingly sophisticated, with attackers using advanced techniques such as:
- Social engineering
- Ransomware
to breach systems. In response, financial institutions have implemented a range of measures to bolster their defenses, including:
- Two-factor authentication
- Regular security assessments
- Staff training programs
Government Efforts to Enhance Cybersecurity
In 2021, the New Zealand government allocated $20 million to improve the cybersecurity of critical infrastructure, including financial institutions. This funding package is part of the country’s broader efforts to enhance its cybersecurity posture.
The New Zealand Cyber Security Strategy 2019
The New Zealand Cyber Security Strategy 2019 outlines the government’s approach to tackling cyber threats, including:
- Improving the capability and resilience of financial institutions to respond to attacks
- Enhancing public awareness and education on cybersecurity best practices
As the threat landscape continues to evolve, experts warn that financial institutions must remain proactive in their defense against cybercrime to protect customers’ sensitive information.
Staying Informed and Protecting Yourself Against Cybercrime
With cybercrime on the rise in New Zealand’s finance sector, it is crucial for businesses and individuals alike to stay informed about the latest threats and take steps to safeguard themselves against these attacks. By staying vigilant and implementing robust cybersecurity measures, we can mitigate the risks associated with cybercrime and protect our sensitive information.