CFO’s Guide: Cybersecurity Financial Threats in NZ.

Get a comprehensive guide for CFOs on the cybersecurity threats facing financial institutions in New Zealand.

New Zealand, like other countries, faces a range of cybersecurity threats that can pose a risk to its financial systems and institutions. Some of the most significant financial cybersecurity threats in New Zealand include:

1. Phishing: As in other countries, phishing attacks are a common threat in New Zealand. Cybercriminals use phishing emails to trick individuals into divulging sensitive information, such as bank account details, credit card numbers, and login credentials.


2. Ransomware: Ransomware attacks have become increasingly common in New Zealand in recent years. These attacks involve malware that encrypts files and demands payment in exchange for the decryption key. Several New Zealand businesses and organisations have fallen victim to ransomware attacks in recent years.


3. Payment fraud: Payment fraud, such as credit card fraud and fraudulent transactions, is a persistent threat to the financial systems in New Zealand. Criminals use a range of techniques to steal credit card details or conduct unauthorised transactions, such as card skimming, identity theft, and hacking.


4. Cyber espionage: There is growing concern about the potential for cyber espionage targeting New Zealand's financial institutions and infrastructure. Nation-state actors may seek to steal sensitive financial information or disrupt financial systems to achieve political or economic objectives.


5. Insider threats: Insider threats, such as employees or contractors with access to sensitive financial data, can also pose a risk to New Zealand's financial systems. These threats can include intentional theft or disclosure of sensitive data or unintentional actions that compromise data security.


To mitigate these threats, it's important for financial institutions in New Zealand to implement strong cybersecurity measures, such as firewalls, encryption, and two-factor authentication, and to train employees on best practices for detecting and preventing cyber threats. It's also important for the government and regulatory bodies to provide guidance and support to financial institutions to help them address these risks.


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