Rising risks of cyber-attacks

More and more business value and personal information worldwide are rapidly migrating into digital form on open and globally interconnected technology platforms. As that happens, the risks from cyber-attacks become increasingly daunting. Criminals pursue financial gain through fraud and identity theft; competitors steal intellectual property or disrupt business to gain advantage.

Research conducted suggests that companies are struggling with their capabilities in cyber risk management. As highly visible breaches occur with growing regularity, most technology executives believe that they are losing ground to attackers. Organizations large and small lack the facts, skills and resources to “protect the perimeter” leaving technology strategies to be insufficient.

Locally in New Zealand it is estimated that 85% of business owners believe they lack the levels of cyber security to withstand a cyber-attack. With the shortage of skilled cyber security personnel the problem of cyber security breaches is set to increase. Known cyber breaches in 2014 to organizations internationally were Sony, Domino’s Pizza, eBay and with in New Zealand were TAB, NIWA’s super computer to name a few. Data breaches at a series of well-known retailers in 2014 made the issue of data security  highly visible to consumers and highlighted the struggles that companies face in keeping data safe.

In 2011 cyber related crimes are believed to have cost New Zealand Business’s over $625 million