Insurance Council Joins Initiative on Cyber Security

Insurance Council Joins Government Initiative on Cyber Security

The Insurance Council (ICNZ) has formally joined a Government initiative to improve New Zealand’s cyber security.

ICNZ has signed up to Connect Smart, a partnership led by the National Cyber Policy Office (NCPO), part of the Department of Prime Minister and Cabinet (DMPC), to raise the profile of cyber security issues and provide easy-to-understand and trusted advice for individuals, SMEs, large enterprises, and education audiences in New Zealand.

“Experts are warning that we’re woefully underprepared for the increasing threat of cyber-attacks and the public agrees with four out of five Kiwis saying that businesses and organisations are not well prepared to deal with computer hacking and keeping confidential data secure,” says Insurance Council Chief Executive Tim Grafton.

“It’s estimated that cyber-related crimes has cost New Zealand businesses over $625 million in recent years and that’s probably a conservative figure because some businesses are reluctant to disclose a cyber-breach of their systems.

“It’s important for the insurance industry to take a leadership role in supporting the development of policies and strategies designed to protect New Zealand against the increasing threat of cyber-related crime and our involvement in Connect Smart is one way of making a meaningful contribution,” says Mr Grafton.

The insurance industry offers cyber risk insurance protection for internet and network exposures that can cover a range of matters including liability, intellectual property infringement, malicious code and viruses, business interruption, unauthorised access, theft, web site defacement and cyber extortion.

The Connect Smart partnership seeks to harness the collective expertise and efforts from across New Zealand to respond effectively to the challenges posed by cyber and to take advantage of the opportunity to create a secure, trusted and resilient New Zealand cyber environment.

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