Cybercrime Threats: A Growing Concern for Businesses in New Zealand

The Retail Sector Most Affected by Cybercrime

According to PwC’s Global State of Information Security Survey 2016, the retail sector experienced a significant increase in cybercrime activity in 2015. This highlights the vulnerability of businesses in this sector to cyber threats.

Cybercrime Threats: A Diverse Range of Actors

• Nation-states: Engage in espionage and cyber warfare to gain a strategic advantage.
• Insiders: Trusted third parties with access to sensitive data pose a significant threat.
• Organised crime syndicates: Focus on theft of financial or personally identifiable information.
• Hacktivists: Engage in politically focused service disruptions or reputational damage.
• Terrorists: Disrupt and engage in cyber warfare.

Cyber-readiness in New Zealand: Challenges and Opportunities

The survey found that:

• 77% of CEOs consider cyber threats as a top threat to business growth in the coming year.
• Many organisations have an incident response plan, but few have a digital forensic investigator on their team.
• The New Zealand Government’s Cyber Security Strategy 2015 recommends establishing a national Computer Emergency Response Team.

The Importance of Incident Response Planning

Only 9% of organisations with an internal incident response capability have a digital forensic investigator on their team. This highlights the need for businesses to prioritize cyber-readiness and have effective incident response plans in place to mitigate the impact of cybercrime.

Conclusion

Cybercrime is a growing concern for businesses in New Zealand, with the retail sector being particularly vulnerable. By understanding the various types of cyber threats and prioritizing cyber-readiness, organisations can better protect themselves against these threats and reduce their risk of falling victim to cybercrime.