February 21, 2024

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How New Zealand and the world can address cyberattacks

An expert on regional responses to cyber security, cyber warfare and other transnational security challenges led a captivating talk about the impacts of cybersecurity in New Zealand and globally, according to a recent report.

Cyberattacks may seem less tangible than extreme weather events or acts of terrorism, but they are pervasive, damaging and must be taken seriously.

The University of Waikato academic highlighted a seemingly worldwide conundrum, which included accusations of cyber subversion upsetting the US democratic election process.

The Wannacry ransomware hacking event in 2017 was also mentioned, which was evidence that cyber “insecurity” is widespread and costly.

Indeed, the price tag of cybercrime is currently NZ$ 600 billion annually and is expected to jump to NZ$ 6 trillion annually by 2021.

People, businesses and organisations remain to be at risk of cyber insecurity because cyber-related threats, attacks and incidents are by definition fast moving and innovative.

The strategies to mitigate or prevent such activities simply cannot keep up with the ever-changing approaches.

Cybercriminals, for instance, are becoming more and more sophisticated, obtaining personal information through social media profiles and activities.

They do this in order to develop tailored subversion tactics that can fool even the most astute online user.

Furthermore, the growing use of multiple, interconnected devices like phones and tablets, at-home entertainment systems and even cars, increases the vulnerability to cyber subterfuge.

One in five Kiwis is affected annually by cybercrime, at an estimated cost to the country of nearly NZ$ 260 million in 2016.

More than half of New Zealand businesses say they do not have an incident response plane for cyberattacks.

Yet, 40% of companies think it is likely that they will experience some form of cybercrime in the next 24 months.

Given these numbers, it is perhaps surprising that New Zealand is ranked among the top 10 countries in the world considered to be “cyber mature”, or best prepared for cyberattacks.

New Zealand boasts of a number of cyber security initiatives to support this high global ranking. These include a National Cyber Security Centre and a National Cyber Policy Unit.

It also has a Cortex programme of capabilities to counter cyber threats to organisations of national significance.

New Zealand has also established the NZ Computer Emergency Response Team (CERT) as well as a NZ Cyber Skills Taskforce to address the shortage of cyber professionals in the country.

The expert called for global collaboration and conversation to help instigate the kind of real action needed in the fight against cyber insecurity.

A plethora of international initiatives were identified to help win the battle against cyber insecurity. One is the Convention on Cybercrime of the Council of Europe (CETS No. 185), which is also known as the Budapest Convention.

Second is the appointment of cyber ambassadors to engage with neighbouring countries and serve as a UN advocate.

Another would be the establishment of a Cyber Geneva Convention to help prevent cyberattacks on “soft” targets such as health care services and systems.

The development of an international strategy around artificial intelligence (AI) could also help.

National strategies, collaborations among businesses, and a wide debate about exposure to and risk of cyber insecurity are needed since evidence of what can happen when these issues are not taken seriously are already there.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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