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Early this month we were hosted by our good friends at Marsh New Zealand to run a joint Connect event with FinTechNZ on Digital and Cyber Risk. Overall, we see cyber security as one of three key elements, alongside identity and privacy which in combination make up Digital Trust – providing the confidence needed for people, technology and processes to create a truly safe and effective digital world.
The world has seen an unprecedented rise in cyber security incidents since the beginning of 2020 – a trend which is shaking up everything we thought we knew about prevention and management of this insidious risk.
We had four insightful presentations, given by Jono Soo (Marsh NZ), Jonathon Berry (InPhySec), Andy Prow (Red Shield) and Paul Platen (SSS) which provided a deep-dive into what has been going on in the world of cyber security and insurance over the past 12 months, how this has impacted on businesses in all sectors both globally as well as in New Zealand, and what we might expect looking forward.
Their presentations can be found here.
The key take homes for me were:
More human interactivity now happens at the digital layer rather than the human layer (according to the CIA!) The frequency and severity of ransomware attacks continues to climb, therefore cyber security insurance premiums are going up quickly too and are going to be tougher to acquire. CERT NZ is a great place to get a whole host of cyber security info. However, when NZ CERT was set up it was given a budget of only $22m for 4 years. The NZ Defense Force spends around 4bn per annum i.e. the comparison between what is spent to protect ourselves physically vs what is spent to protect us digitally is stark. We need to take the protection of the digital realm much, much more seriously and orders of magnitude and more resources need to be focused here.
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