As cyber threats proliferate, small businesses find themselves not just in the crosshairs but also facing the daunting financial repercussions of a breach.
There is an urgent need for robust cyber security measures.
With the staggering average cost of $173,000 per incident, it is imperative for NZ SMEs to shift their mindset and prioritize their defenses, not only to protect their sensitive data but also to preserve their reputation and customer trust.
But just over half of small to medium businesses (SMEs) have cyber security as a top priority and less than half say they are prepared for a cyber incident, according to new research by the National Cyber Security Centre (NCSC).
Key NZ Cyber-crime statistics:
- 43% of cyber-crime is targeted at small business. No business is ‘too small’ to worry about this.
- The average cost of a data breach is $173K. Can you afford that?
- Cyber security is the third biggest issue of concern for SME decision makers. (after cashflow and the state of the economy)
- Despite that, 30% of small NZ businesses think it is unlikely a cyber incident would happen to them and only 48% of businesses describe themselves as prepared.
Cert NZ New Zealand Cyber Smart week is happening from 21 – 27 October.
This year’s campaign will have a focus on encouraging New Zealanders and small and medium-sized organisations to adopt two-factor authentication and maintain strong password practices. Sign up to support the campaign in your workplace.