Protect your Business from Cyber Threats in 2023

Appropriate cyber insurance is a key part of a cyber security risk management strategy.

As businesses are becoming more reliant on technology, cyber criminals are using increasingly sophisticated methods and emerging technologies to leverage these critical assets for financial gain. Cyber threat exposures, such as the loss of commercially sensitive data, can have significant financial, operational and reputational impacts on a business.

Data from the National Computer Emergency Response Team (CERT NZ) reported that 2,069 cybercrime incidents were responded to by CERT NZ between July and September 2022, with financial loss at a record high of $8.9 million, a 128% increase from the previous quarter. *

Appropriate cyber insurance is one of the key risk management measures for cyber resilience and is critical to help protect your business against exposure to cyber threats.

It can cover:

• Access to specialists to assist in containing the cyber attack

• Protection from your loss and third party loss

• Ransom costs and social engineering claims

• Crisis management and legal costs

• Business interruption

Cyber insurance should only form part of your overall cyber security risk management strategy.

For example, it’s important to consider:

• Implementation of an independent cyber security audit - some insurance providers may require an independent cyber security audit as a prerequisite for access to cyber insurance.

• Cyber security due diligence to be applied in the selection of your Managed Service Providers (MPS).

View the Case Study: Ransomware attack on Mercury IT

Delta Insurance provides valuable lessons learnt following a randsomware attack impacting the government clients of Mercury IT, a Managed Service Provider.

*The National Computer Emergency Response Team (CERT NZ) Cyber Security Insights, Quarter 3, 2022: https://www.cert.govt.nz/about/quarterly-report/quarter-three-cyber-security-insights-2022