SecurityBrief New Zealand logo
New Zealand's leading source of cybersecurity and cyber-attack news
Story image

Cybercrime could cost NZ$8 trillion over next five years

By Ben Moore
Tue 22 Jan 2019
FYI, this story is more than a year old

Companies globally could incur NZ$8 trillion in additional costs and lost revenue over the next five years due to cyber attacks, as dependency on complex internet-enabled business models outpaces the ability to introduce adequate safeguards that protect critical assets, according to a new report from Accenture.

Based on a survey of more than 1,700 CEOs and other C-suite executives around the globe, the report - Securing the Digital Economy: Reinventing the Internet for Trust - explores the complexities of the internet-related challenges facing business and outlines imperatives for the CEO’s evolving role in technology, business architecture and governance. 

The report notes that cybercrime from a wide range of malicious activities poses significant challenges that can threaten business operations, innovation and growth, and the expansion into new products and services, ultimately costing companies trillions of dollars. 

The high-tech industry faces the highest risk, with more than US$753 billion hanging in the balance, followed by the life sciences and automotive industries, with US$642 billion and US$505 billion at risk, respectively.

“Internet security is lagging behind the sophistication of cyber criminals and is leading to an erosion of trust in the digital economy,” says Accenture communications, media and technology operations group global lead Omar Abbosh. 

“Strengthening internet security requires decisive - and, at times, unconventional - leadership by CEOs, not just CISOs. To become a cyber-resilient enterprise, companies need to start by bringing CISOs’ expertise to the board, ensuring security is built-in from the initial design stage and that all business managers are held responsible for security and data privacy.”

Among the key findings, four in five respondents (79%) believe that the advancement of the digital economy will be severely hindered unless there is dramatic improvement to internet security, and more than half (59%) of respondents said the internet is getting increasingly unstable from a cybersecurity standpoint and they are unsure how to react.

At the same time, three-quarters (75%) of respondents believe that addressing cybersecurity challenges will require an organised group effort, as no single organisation can solve the challenge on its own. With heightened concerns about internet security, more than half (56%) of executives would also welcome stricter business regulations imposed by a central organisation or governing body.

 “The internet wasn’t built with today’s level of complexity and connectivity in mind, which is why it takes just one click - whether inside or outside the company walls - to fall prey to a devastating cyber attack,” says Accenture security senior managing director Kelly Bissell.

“No organisation can tackle the challenges posed by cyber threats on its own; it’s a global challenge that needs a global response, and collaboration is key. To shape a future that thrives on a strong and trustworthy digital economy, senior executives need to look beyond the bounds of their organisation, team with an ecosystem of partners, and secure their entire value chains - across every partner, supplier and customer.”

The rapid emergence of new technologies is creating additional challenges, as four in five respondents (79%) admit that their organisation is adopting new and emerging technologies faster than they can address related cybersecurity issues, with three-quarters (76%) noting that cybersecurity issues have escaped their control due to new technologies such as the internet of things (IoT) and the industrial internet of things (IIoT). 

A majority (80%) also said protecting their companies from weaknesses in third parties is increasingly difficult, which isn’t surprising given the complexity of today’s sprawling internet ecosystems.

Also, on the minds of many senior executives: consumer data protection. Fueled by security concerns, 76% of respondents believe that consumers can’t trust the safety of their online identities when too much of their personal data is already available without restrictions.

The study outlines three actions that CEOs and other C-suite leaders can take to help improve the safety of the internet: 

Governance 

Join forces with other companies and govern globally – Step up efforts to collaborate with other top executives, government leaders and regulators to better understand how to prevent new cyber attacks.

Business architecture

Connect and protect with a model run on digital trust – Become brilliant at the basics of cybersecurity. Fully protect business across the entire ecosystem of partners and supply chains. 

Technology 

Advance businesses and enhance safety –  Embrace new technologies, master IoT security, and prepare for the quantum challenge. Ensure that software security and update functions are embedded into mobile and IoT devices from the initial design.

Related stories
Top stories
Story image
Tech job moves
Tech job moves - ActiveCampaign, Arcserve, LogRhythm & Qlik
We round up all job appointments from June 17-22, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Phishing
Online identity theft is rising in NZ - here’s what to do about it
It may start with a few stolen details online, but it could end with thousands of dollars missing or worse, a reputation down the drain.
Story image
Internet of Things
Domino's Pizza: A blueprint for secure enterprise IoT deployment
Increasingly, organisations are embracing smart technologies to underpin innovations that can enhance safety and productivity in every part of our lives, from industrial systems, utilities, and building management to various forms of business enablement.
Story image
Artificial Intelligence
Abnormal Security finds financial supply chain under threat
New research by Abnormal Security has found a rising trend in financial supply chain compromise as threat actors increasingly impersonate vendors.
Story image
Wavelink
How Wavelink fosters creativity and careers in the channel
Wavelink is a 100% channel business, with all sales flowing through its authorised reseller partners. It has been a B2B technology distributor for almost 24 years and offers a broad range of software across cybersecurity, mobility, networking, and healthcare.
Story image
Cloud
SonicWall recognises partners and distributors at FY2022 partner awards
SonicWall has recognised its distributors and partners for their efforts in producing the company’s most successful year to date.
Story image
Secure access service edge / SASE
Cloudflare adds new capabilities to zero trust SASE platform
New features for Cloudflare One include email security protection, data loss prevention tools, cloud access security broker, and private network discovery.
Story image
Collaboration
Why the success of client collaboration projects depends on addressing these five warning signs
New tools, applications, and software have enabled project collaboration to continue remotely, both between employees within an organisation and with its clients.
Story image
Digital Transformation
Cybersecurity priorities for digital leaders navigating digital transformation
In recent years, Asia-Pacific has especially been a hotspot for cyberattacks, and as we continue into 2022, it’s evident that the problem is becoming more significant.
Story image
Cybersecurity
Why is NZ lagging behind the world in cybersecurity?
A recent report by TUANZ has revealed that we are ranked 56th in the world when it comes to cybersecurity - a look into why we're so behind and what needs to be done.
Story image
Data Protection
Thales solution supports DevSecOps teams with data protection
Thales' CipherTrust Platform Community Edition enables DevSecOps teams to deploy data protection controls into multi-cloud applications faster.
Story image
Cybersecurity
ConnectWise reveals cybersecurity updates and partnerships
ConnectWise has unveiled new updates to its services and highlighted the importance of cyber insurance at its IT Nation Secure conference.
Story image
Cybersecurity
Palo Alto Networks named Google Cloud technology partner of the year for security
Palo Alto Networks was recognised for helping organisations rapidly transform security operations for future success.
Story image
DDoS
Q1 DDoS and application attack activity reveals surprise result
The cybersecurity threat landscape in the first quarter of 2022 represented a mixed bag of old enemies and new foes. New actors dominated the DDoS threat landscape while application security faced tried-and-true attack vectors.
Story image
Cybersecurity
Greater API usage raises concerns for protection - report
Radware has released its 2022 State of API Security report, which shows a rise in APIs, with 92% of the organisations surveyed significantly or somewhat increasing their usage.
Story image
Zscaler
Securonix partners with Snowflake, Zscaler in joint venture
Securonix is embarking on a joint technology integration with Snowflake and Zscaler to speed up threat detection and response at cloud scale.
Story image
Cloud
QuSecure partners with DataBridge Sites to showcase platform
QuSecure has partnered with DataBridge Sites to showcase its Quantum-as-a-Service (QaaS) orchestration platform, QuProtect.
Story image
Cybersecurity
Threat actors ramp up their social engineering attacks
As people get better at identifying potential threats in their inbox, threat actors must evolve their methods. Their new M.O? Social engineering.
Story image
Network Security
Netskope announces zero trust network access updates
Customers can now apply zero trust principles across a range of hybrid work security needs, including SaaS, IaaS, private applications, and endpoint devices.
Story image
SaaS
Varonis strengthens security capabilities for AWS and S3
Varonis has strengthened and expanded its cloud and security capabilities, with a critical aim of improving safety and boosting data visibility in Amazon Simple Storage Service (S3).
Story image
Yubico
New research shows global drive for passwordless authentication
A new study has shown there has been a significant shift towards wanting a passwordless future, but adoption is still in its infancy.
Story image
Collaboration
IT and security team collaboration crucial to data security
Many IT and security decision makers are not collaborating as effectively as possible to address growing cyber threats.
Story image
Ransomware
Rapid7 report examines use of double extortion ransomware attacks
New insight into how attackers think when carrying out cyber attacks, along with further analysis of the disclosure layer of double extortion ransomware attacks, has come to light.
Story image
Cybersecurity
New survey uncovers critical OT security challenges
While industrial control environments continue to be a target for cyber criminals, there are widespread gaps in industrial security.
Story image
Cybersecurity
Significant security concerns resulting from open source software ubiquity
"The risk is real, and the industry must work closely together in order to move away from poor open source or software supply chain security practices."
Story image
Tech job moves
Tech job moves - Boomi, Limepay, Thales, VMware & Zoom
We round up all job appointments from June 6-16, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Cybersecurity
Malwarebytes expands Nebula platform with DNS module
Malwarebytes has expanded its Nebula platform with a new DNS Filtering module designed to provide a quick, flexible, and comprehensive Zero Trust offering for Nebula users.
Story image
Cybersecurity
Ingram Micro launches vendor-backed security program
Ingram Micro has unveiled a new program intended to give resellers the effective offerings their customers need to stay safe in the evolving threat landscape.
Story image
Manufacturing
Sternum joins NXP, collaborates on IoT security and observability
Sternum has announced it has joined the software partner community of NXP Semiconductors, a manufacturer of and large marketplace for embedded controllers.
Story image
Ransomware
More than 90% of cyber attacks made possible by human error
The data are clear, with cyberattacks on the rise in recent years and the cybersecurity situation increasingly complex. 
Story image
DDoS
Flashpoint unveils security offering for school boards
Flashpoint has released its K-12 risk management and security offering to provide school boards and education security practitioners with tools to recognise, prevent and manage cyber and physical threats.
Story image
Identity and Access Management
Ping Identity launches corporate venture capital fund
Ping Identity has launched a corporate venture capital fund to foster innovative offerings for the identity security market.
Story image
INTERPOL
Hundreds arrested, millions seized in global INTERPOL investigation
A two-month-long investigation by INTERPOL this year involved 76 countries and clamped down on organised crime groups behind telecommunications and social engineering scams.
Story image
Cybersecurity
Aqua Security, CIS create software supply chain security guide
Aqua Securityand the Center for Internet Security have together released the industry’s first formal guidelines for software supply chain security.
Story image
APAC
Aqua Security launches cloud native security SaaS in APAC
Aqua Security has announced the general availability of cloud native security SaaS in Singapore, serving the broader APAC region.
Story image
Dark web
Cybercrime in Aotearoa: How does New Zealand law define it?
‘Cybercrime’ is a term we hear all the time, but what exactly is it, and how does New Zealand define it in legal terms?
Story image
Amazon Web Services / AWS
Zscaler, AWS accelerate onramp to the cloud with zero trust
Zscaler has announced an extension to its relationship with Amazon Web Services, as well as innovations built on Zscaler's Zero Trust architecture.
Story image
PagerDuty
Ready for anything with the PagerDuty Operations Cloud
In a world of digital everything, teams face increasing complexity. Ever-growing dependencies across systems and processes put customer and employee experience, not to mention revenue, at risk.
Story image
Cybersecurity
Trend Micro unveils dedicated security for electric vehicles
The cybersecurity company has announced VicOne - dedicated security for the electric vehicles and connected cars of today and tomorrow.
Story image
Apple
LastPass announces new capability for iPhones and iPads
LastPass has announced its new save and fill experience, allowing customers to fill in, create and save their credentials directly within the site's form field.
Story image
10 Minute IT Jams
Video: 10 Minute IT Jams - An update from Rimini Street
Today we welcome back Daniel Benad, who is the GVP & regional GM for Oceania at Rimini Street.
Story image
API
Industry-first comprehensive risk-based API security enhances protection
Application Programming Interfaces (APIs) have become a crucial part of operating web and mobile application businesses and are causing significant economic growth in the digital sector.
Story image
Cybersecurity
The link between cybersecurity, extremist threat and misinformation online in Aotearoa
Long story short, it's often the case that misinformation, threat and extremism link closely to cybersecurity issues and cyber harm.
Story image
Microsoft
SMX partnership with Microsoft leads to NTT recognition
SMX has captured the attention of NTT after receiving positive reviews from businesses across Australasia and beyond for its email security.