New Zealand sets up lead cyber agency to boost online security

Smartpay Holdings

25/07/2023 23:41

SYDNEY, July 26 (Reuters) - New Zealand said on
Wednesday it would boost its cyber defences by setting up a lead
agency to make it easier for the public and businesses to seek
help during network intrusions.
    The government would bring New Zealand's Computer Emergency
Response Team into its National Cyber Security Centre, which it
said would help improve the response to cyber incidents. 
    "The cyber security threats New Zealand faces are growing in
scale and sophistication," Public Service Minister Andrew Little
said in a statement. 
    "Having a single agency to provide authoritative advice and
respond to incidents across every threat level is international
best practice."
    About NZ$5.8 million ($3.61 million) of direct financial
losses from cyber incidents were reported in the first quarter
of this year, according to official data, though the government
said the true scale of harm to the economy was underreported.
    New Zealand has seen a rise in online break-ins recently
prompting the country's central bank in May to propose
collecting financial data on cyber incidents to better
understand cyber risks in the financial sector.
    Last month, payments solutions provider Smartpay Holdings
 SPY.NZ  said it faced a ransomware attack, the latest in a
flurry of cyber attacks on companies in New Zealand and
neighbouring Australia.    

($1 = 1.6067 New Zealand dollars)
    

 (Reporting by Renju Jose in Sydney; Editing by Sonali Paul)
 ((renju.jose@thomsonreuters.com; +61 29171 7126; Reuters
Messaging: @renjujose))