Majority of New Zealand small businesses fear cyber threats – AMI
Majority of New Zealand small businesses fear cyber threats – AMI | Insurance Business New Zealand
Cyber
Majority of New Zealand small businesses fear cyber threats – AMI
Tailored insurance offering rolled out
Cyber
By
Roxanne Libatique
New research from AMI Insurance (AMI) has shown that 73% of New Zealand small business owners are concerned about cybersecurity, with 25% experiencing a cyber incident in the past two years.
Despite this, more than half (54%) are confident in their current cybersecurity measures, while only 37% plan to enhance protections in the next 12 months.
“Small business owners often think they’re too small to be impacted, or that if they are, they’ll be able to recover quickly,” she said.
Barriers to investing in better cybersecurity measures
A key finding from AMI’s research is that 40% of businesses cite cost as the primary reason for not investing in better cybersecurity measures.
Many small business owners are reluctant to increase spending on protections despite growing cyber risks.
The product provides support in the event of various cyber incidents, including ransomware attacks, phishing schemes, and business email compromise.
AMI’s cyber insurance also offers access to IT professionals who can assist businesses in minimising damage and restoring operations quickly after an attack.
Commenting on the new offering, Ter Brake said cyber insurance can be an important tool for businesses to recover quickly when an incident occurs.
“The nature of cybersecurity is that it’s constantly evolving, so there’s a real need for ongoing protection, awareness, and education,” she said.
AMI’s cyber insurance solution is supported by UpGuard, a global cybersecurity company that provides monitoring services designed to identify vulnerabilities and help prevent cyberattacks.
This research highlighted a broader cybersecurity challenge for New Zealand’s small and medium-sized enterprises (SMEs).
Cybersecurity gaps in New Zealand SMEs
According to a separate study by the National Cyber Security Centre (NCSC), while 55% of SMEs view cybersecurity as a priority, only 48% believe they are fully prepared for cyber threats.
It also showed that basic cybersecurity practices are lacking, with 35% of SMEs not regularly backing up their data and 23% failing to keep software updated.
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