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Cybersecurity in New Zealand is a significant concern for the government, businesses, and individuals. The New Zealand Government has introduced a new cybersecurity strategy to ensure the country is secure, resilient, and prosperous online. The strategy has four main goals: Cyber Resilience, Cyber Capability, Addressing Cybercrime, and International Cooperation.
New Zealand has demonstrated a commitment to enhancing its national security across various industries, including healthcare, finance, government, and education. This commitment is evident in the proactive measures taken by regulatory bodies, such as the Financial Markets Authority (FMA), to address vulnerabilities and strengthen resilience in key sectors.
For instance, as reported by OpenGov, the financial industry is particularly vulnerable, prompting the FMA to publish a consultation document outlining its proposal for a new standard condition for specific holders of financial market licenses. This proposed license condition ensures that licensed entities maintain robust business continuity and technology systems.
The FMA’s initiative underscores the importance of cyber resilience and effective risk management in the financial sector. By focusing on business continuity and technology systems, the FMA aims to mitigate potential risks and vulnerabilities, thereby protecting investors’ interests and maintaining the stability of the market.
This approach aligns with New Zealand’s broader strategy to enhance national security and resilience across critical sectors. By addressing vulnerabilities and implementing robust measures, New Zealand aims to safeguard its economic interests and maintain a secure and stable environment for businesses and individuals. Besides strengthening the country’s security from malicious national actors, New Zealand also fortifies the security from international attackers.
In recognition of the importance of cybersecurity, New Zealand has again demonstrated its commitment to strengthening its cybersecurity posture this year. This commitment was underscored by the National Cyber Security Centre (NCSC), which took a significant step forward in international cooperation. The NCSC collaborated with partners worldwide to publish a Cyber Security Advisory focusing on the activities of the cyber actor known as ‘Volt Typhoon’.
This advisory not only highlighted the observed activities of this actor but also provided valuable insights into how network defenders can effectively mitigate these efforts.
Expanding upon the successful collaboration established earlier, the National Cyber Security Centre (NCSC) and its coalition of 10 international partners are taking another significant step forward in cybersecurity. They are releasing an additional fact sheet strategically designed to provide targeted guidance to the owners and operators of critical national infrastructure. This fact sheet aims to assist these key stakeholders in enhancing the security of their assets.
The fact sheet provides an executive-level overview of the urgent risk posed by the ‘Volt Typhoon’. It serves as a reminder of the critical importance of cyber security for organisations in the United States and allied countries. The fact sheet also emphasises the need for organisations to recognise cyber risk as a core business risk, essential for good governance and national security.
These advisories have highlighted the actor’s efforts to pre-position themselves on U.S. critical infrastructure organisations’ networks. The release of this fact sheet underscores the commitment of the NCSC and its partners to providing leaders of critical infrastructure entities with the guidance they need to prioritise the protection of critical infrastructure and functions. By recognising cyber risk as a core business risk, leaders can take the necessary steps to ensure the resilience of their organisations in the face of evolving cyber threats.
The collaboration between the NCSC and its international partners represents a significant milestone in the ongoing effort to enhance cybersecurity and protect critical infrastructure. By working together and sharing information, New Zealand can strengthen its defences against cyber threats and ensure the security and resilience of the country’s critical infrastructure.
