According to CERT NZ’s quarterly Cyber Security Insights Report, financial losses due to cybercrime have surged by 66% in the first quarter of 2023, reaching nearly $6 million. Scams, particularly investment and romance scams, have significantly increased. Business leaders must be aware of these trends and proactively mitigate the risk.

Cybersecurity Tip #1: Be vigilant and always verify

• Be cautious when encountering investment opportunities online.
• Verify the legitimacy of companies before investing.
• Avoid responding to investment opportunities via messaging platforms like WhatsApp.
• Exercise caution and refrain from believing promises of unusually high investment returns.
• Implement penetration testing or conduct a security assessment including vulnerability scanning to create a benchmark of your security posture

Implementing these measures will help businesses safeguard their financial assets, mitigate the risk of falling victim to scams, and protect their reputation. By fostering a culture of vigilance, organisations can thwart potential threats and preserve their financial stability.

The Emergence of AI-Assisted Scams

Cybercriminals exploit artificial intelligence (AI) tools to create more convincing phishing emails, generate malicious code, and even impersonate individuals in live chats. While CERT NZ has yet to see many reports specifically about AI, analysts believe it’s only a matter of time before these AI-assisted scams increase in New Zealand.

Cybersecurity Tip #2: Ongoing Awareness and Education

• Stay informed about the evolving tactics employed by cybercriminals utilising AI technology.
• Implement robust security measures and strengthen cybersecurity defences with advanced threat detection systems, firewalls, and AI-powered security solutions.

By staying ahead of AI-assisted scams and fortifying their defences, organisations can minimise the likelihood of falling victim to these sophisticated attacks. Vigilance and adopting advanced security measures will contribute to maintaining a secure online environment.

Prioritising Cloud Security and Security Awareness Training

The Arctic Wolf State of Cybersecurity Trends Report emphasises the significance of investing in cloud security and establishing a culture of security awareness. Cloud security gaps remain a significant concern, with 42% of respondents ranking it as their primary worry. Moreover, 90% of threats targeted employees or users, highlighting the need for robust security awareness programs.

Cybersecurity Tip #3: Strengthen Cloud Security

• Allocate resources to update and enhance cloud security technologies and bridge existing security gaps.
• Develop and implement security awareness programs that educate employees about common threats like social engineering and phishing.

By investing in cloud security and promoting security awareness among employees, organisations can better protect their sensitive data, reduce the risk of breaches, and foster a security-focused culture. This comprehensive approach empowers employees to recognise and respond to potential threats effectively.

As cyber threats evolve, New Zealand businesses must prioritise cybersecurity to safeguard their operations, reputation, and financial stability. Organisations can take proactive steps to mitigate risks and enhance their security posture by addressing the rising concerns highlighted by CERT NZ and Artic Wolf. Through ongoing vigilance, robust security measures, and fostering a culture of awareness, businesses can navigate the evolving threat landscape and secure their digital assets in the modern era.