News & Events

Is your business still running the type of home grade firewalls that ISPs give out for free?

What prompted me to write this article is a recent story published by the BBC of how the Bangladesh Central Bank lost over $100 million to hackers. It turned out that the bank’s system was protected only by a cheap internet router with no proper firewalling services built in – the type that many businesses still run in NZ.

I have long and consistently urged my clients to be careful about cyber security. This is because where I sit I come to hear of a lot of risk-taking and actual losses incurred by businesses through cybercrimes. Consider the following statistics:

  • Over 856,000 New Zealanders were affected by cybercrime each year, costing at least $257m in 2015
  • An average of 25 attacks per day happened last year, causing $13m in damage – up 68 per cent
  • For one email platform, nearly 70 per cent of all email was identified as spam or malware. And this is not uncommon. Most businesses don’t realise this because their email host filters out 99.99% of this offal.
  • A US study has found 60 per cent of small businesses went out of business within six months of a data breach.

The majority of the issues arise from momentary lapses of attention. It can be very hard to beat the cybercrime perpetrators because they are often very brilliant at what they come out with. For example, ransomware writers are sending out more and more innocent looking messages that even the most seasoned cyber-detectives are having difficulty differentiating from legitimate emails.

Read more