Author: Ryan Mudler
Published: 21 August 2023
Rewind to 1991 in New Zealand – a mere 1,193 people were online. Fast forward to 2001, and we hit 12,000. Today, we’re looking at a staggering 4.55 million internet users. The digital revolution isn’t just a trend; it’s ingrained in our lives.
Technology isn’t just shaping our social interactions; it’s also the backbone of our businesses, influencing how we connect, work, and unwind. The catch? In the midst of this digital era, have we become a bit too complacent? While we like to think we’re keeping up with technology, the reality might be different. Privacy is a hot topic in Kiwi businesses, but are we genuinely as concerned about our security as we should be?
Consider this: In April 2020, Forbes reported hackers selling 267 million user profiles on the dark web for a mere $540. They even had 500,000 Zoom accounts up for grabs at the same time!
According to The Instillery, a tech expert from the Waikato region, our nationwide lockdown in March 2020 saw a 600% spike in cybercrime, with 45% targeting SMEs. Are you sure your business isn’t part of these statistics?
If your business operates online, you’re a prime target for a cyber-attack. It’s not a matter of ‘if’ but ‘when.’ Cybersecurity isn’t just a buzzword; it’s your shield against digital threats. Thankfully, our Kiwi advantage lies in our agility. We may be small, but we’re quick to embrace opportunities and tackle challenges. However, to thrive, we need to work smart.
A cyber-attack isn’t just a financial hit; it jeopardises your intellectual property and customer trust. In a world where reputation is everything, safeguarding it is non-negotiable. Adapting to new technology is the secret sauce for business growth. To do it effectively, confront cyber risks head-on and fortify your business’s financial stability.
Case Study
An employee opened an email attachment that contained a virus. Once opened an encrypted virus was spread, causing the Insured to lose access to their network. The Russian hackers demanded ransom payment in BITCOIN of $6,000. Both practises were able to function normally (albeit slowly) in terms of accepting and treating patients by using paper records. However, the business was not able to raise invoices as this is part of a paperless system. Forensic Investigators were able to recover the vast majority of data and restore the paperless system.
The outcome
Their cyber liability policy was triggered. Insured Loss: $90,000 in IT expenses, First Party damage and lost man hours.
