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Techday NZ
16 hours ago
- Techday NZ
How emerging technologies in critical infrastructure are expanding cyber risks
Emerging technologies like industrial Internet of Things, unified platform architectures, and cloud-integrated operational technology (OT) are transforming the critical infrastructure (CI) landscape. This transformation, driven by the need for greater agility and pursuit of competitive advantage, is unlocking unprecedented levels of automation, operational efficiency, and data-driven decision-making. However, it's also significantly expanding the cyber threat surface, often in ways that many leaders are yet to fully grasp. CI was once more difficult to penetrate for malicious threat actors due to its complexity. Legacy systems were fragmented and comprised of disparate technologies that accumulated over decades. Threat actors had to invest substantial time and resources into reconnaissance to launch an attack. Today, many new facilities are built on unified platforms, creating a predictable and repeatable attack surface. A single successful exploit can cascade across multiple sites that share the same platform or architecture. The reduction in complexity has simplified operations for businesses, yet it can also lower the barrier to entry for cybercriminals. The scale and frequency of attacks are simultaneously increasing. Fortinet's research shows that cybercriminals launched over 36,000 malicious scans per second in 2024 alone, leveraging automation to probe global infrastructure for weaknesses. (1) A key focus of these scans are widely used though often unmonitored OT protocols such as Modbus transmission control protocol (TCP) and session initiation protocol (SIP). These underpin critical sectors including telecommunications, industrial control systems, and manufacturing. OT protocols are typically unencrypted, making them significantly easier to intercept and manipulate unlike encrypted internet protocols used in IT networks. This trend is especially alarming for the manufacturing sector, which has become the most targeted industry for ransomware attacks. Companies operating in this space often underestimate their importance within the broader national interest. For example, a plastics moulding plant might appear to be a low-value target until geopolitical conditions change and its outputs are redirected toward other critical supply chains. The result is not dissimilar to perfume manufacturers or distillers pivoting towards producing hand sanitiser during the COVID-19 pandemic. The ability to redirect industrial capabilities during times of crisis depends on uninterrupted operations, even in assets that might otherwise be considered low-risk or under-protected. The financial consequences of disruption are also staggering. Estimates suggest that the cost of downtime for Australian industrial organisations can exceed AU$349,000 per hour. (2) Despite this, many businesses still fail to quantify their risk, making it difficult to justify or prioritise cybersecurity investment. This leaves decision-makers blind to the urgency and scale of the threat and without a clear understanding of the operational and financial ramifications of compromise. The hyper-connected nature of today's supply chains compounds the risk for manufacturers and CI providers as operations are no longer as siloed as they once were. Manufacturing facilities, raw material suppliers, and distribution networks are now linked through automated systems that dictate production targets, manage procurement, and schedule delivery with little human oversight. The effects ripple across the entire chain, often with devastating speed, when one node is disrupted, whether that's through a cyberattack or a natural disaster. This interconnectedness is now central to cost efficiency and competitiveness, yet it has exposed previously obscured dependencies. What's clear now is that resilience must be built into every part of the value chain, from procurement to production to logistics. Policy shifts have attempted to address some of these gaps. The Australian Security of Critical Infrastructure (SOCI) Act recognises that cyber threats must be treated alongside physical and environmental risks and promotes an all-hazards approach. This means companies must account for malicious actors as well as natural disasters that can disable infrastructure just as effectively. Critically, the move to platform-based infrastructure creates systemic risk if not managed appropriately, despite its operational advantages. A single vulnerability in a widely adopted platform can propagate across an entire industry, making it easier for malicious threat actors to compromise more organisations with less effort. The challenge for business leaders is to balance the efficiencies gained from standardisation with the need for layered defences, segmentation, and continuous visibility across all connected assets. Mitigation demands more than firewalls and endpoint detection. It starts with selecting the right architectural framework. International Electrotechnical Commission 62443 (IEC 62443) remains the most widely accepted global standard for operational environments, with variants tailored for sectors such as transport (TS50701), maritime (E26/E27), and energy (National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF)). These frameworks are not interchangeable; they reflect the specific risk profiles, interdependencies, and compliance requirements of each industry. A one-size-fits-all strategy is not just ineffective; it's potentially dangerous. The CI threat landscape is evolving faster than many companies can respond, and the assumption that certain sectors are too minor or obscure to attract attention is outdated. Every connected node contributes to national resilience or vulnerability, regardless of its perceived value. Recognising this is the first step toward closing the gaps that adversaries are eager to exploit. Delaying that recognition is no longer an option for organisations that underpin essential services. References: (1) resources/reports/threat- landscape-report (2) detail/108529/abb-survey- reveals-unplanned-downtime- costs-the-typical-australian- industrial-business-349000- per-hour
NZ Herald
21 hours ago
- NZ Herald
KiwiSaver growth strong despite lagging NZ market
As for default funds, all funds with the notable exception of Fisher Funds (2.3%) returned over 4%. 'However it is worth noting that Fisher Funds' default fund is marginally the strongest performer for the trailing one year and is middle of the pack over three years,' Morningstar said. Generate, Quay Street, Milford and Westpac produced some strong performances across many risk profiles for the quarter. Morningstar said it was most appropriate to evaluate the performance of a KiwiSaver scheme by studying its long-term returns. Over 10 years, the aggressive category average has given investors an annualised return of 8.6%, followed by growth (7.8%), balanced (6.4%), moderate (4.6%), and conservative (4.1%), it said. ANZ led the market share with almost $22b. ASB was in second position, with a market share of 14.6%. Fisher, Milford and Westpac round out the big five. The New Zealand equity market (S&P/NZX 50 Index) posted a 2.8% gain in Q2 2025, recovering from an initial dip. 'This performance, while positive, trailed stronger returns seen in international shares (+9.3% hedged to NZD) and Australian shares (+7.4%),' Morningstar said. The Reserve Bank's rate cuts and improving domestic sentiment were supportive factors for local equities, it said. Both international and New Zealand fixed interest markets delivered positive returns in Q2, with gains of 1.2% and 1.3% respectively. The general trend of lower interest rates has supported bond prices, although yield curves steepened marginally. Morningstar said the residential property market, while still recovering, was showing increased activity among first-home buyers. 'The declining interest rate environment and recent government policy changes (such as restoring mortgage interest deductibility for rentals) are expected to bolster investor demand in the medium term,' it said. 'Investors may find opportunities as the market gradually gains momentum.' Morningstar noted the weaker New Zealand dollar. 'Investors with international holdings should consider the impact of currency fluctuations on their unhedged returns,' it said. Jarden on Genesis Investment firm Jarden has given its seal of approval to the deal done by Genesis with the other big power generators to support the Huntly Power Station. This week, Genesis Energy, Mercury, Meridian and Contact signed agreements to establish a strategic energy reserve centred on Genesis' Huntly asset. 'This is positive for Genesis, as it supports the longevity of its Huntly assets and should reduce some of the political risk around the industry, managing dry-year risk without intervention,' Jarden said in a research note. The initiative enables deferral of planned decommissioning of one of the Rankine units (originally scheduled for February 2026) through to 2035, and the establishment of a 600,000-tonne solid fuel reserve. The strategic reserve has been developed in response to tight market conditions during winter 2024, where declining gas availability, low hydro storage and subdued wind output spurred concerns about security of supply. Michael Hill's share holding Sir Michael Hill died holding 148.3 million shares (38.4%) in the company that bears his name, according to a notice filed with the NZX soon after his passing. Separately, acting chief executive Andrew Lowe said in an update that despite retail trading conditions remaining challenging in all markets, the jewellery business had delivered full-year earnings and gross margin broadly in line with the prior year's. A 'relentless' focus on store productivity brought a second-half lift in group same-store sales of 2.4%, Lowe said. The company's trading update for the 52 weeks to June 29 showed the jewellery retail chain's earnings before interest and tax would be around $14m to $16m. For the 2024 period it was $15.9m. NZX downgraded Forsyth Barr has downgraded its rating of stock exchange operator NZX to 'underperform' from 'neutral'. 'We believe its sustainable growth level is lower than market expectations given: (1) increased competition in the low-fee passive funds industry has heightened fee pressure on NZX and softened net inflows to its high-value KiwiSaver product, and (2) our view that the headwinds to earnings growth in its capital markets segment over the last decade will persist rather than ease,' the broker said. Over the last five years, NZX's earnings before interest, tax, depreciation and amortisation had shifted from about 90% markets to around 40% funds management. With funds management generating lower returns, more cyclical earnings and higher competitive pressures, it represented a lower-multiple earnings stream, Forsyth Barr said. 'Despite this shift, NZX is trading at a higher 12-month forward price earnings multiple today of 23 times than its pre-Covid average of 19 times. 'A sizeable valuation needs to be assigned to its wealth tech platform to explain the difference, which we believe is unjustified in light of historical merger and acquisition multiples,' the broker said. NZL's Capital Review Farm landlord NZ Rural Land (NZL) is to undertake a capital review of its strategic options. Proposals to conduct the review for completion within the current financial year ending December 31 have been sought, the company said. 'NZL has been listed for coming up to five years. In that time the company has made strong progress in growing its asset and earnings quality and size. 'That has not been reflected in the share price. 'The board considers that the full range of strategic options on the capital structure requires review and input from shareholders.' Shares in New Zealand Rural Land Company (NZRLC) debuted on the NZX at $1.31, a 4.8% premium to their $1.25 issue price, in December 2020. The stock last traded at 99c, after spending much of last year at 85c. Jamie Gray is an Auckland-based journalist, covering the financial markets and the primary sector. He joined the Herald in 2011.
The Spinoff
a day ago
- The Spinoff
Ōtaki to Levin cost blowout shines a spotlight on NZ's infrastructure woes
With a budget that has more than doubled, the road has little hope of recouping costs through tolls, writes Catherine McGregor in today's extract from The Bulletin. One very expensive road The cost of the Ōtaki to north of Levin (O2NL) highway has ballooned to $2.1 billion, more than double the original 2020 estimate of $817 million, despite the fact that construction has yet to begin in earnest. Infrastructure minister Chris Bishop has laid the blame squarely on the previous government, claiming 'it was basically costed on the back of an envelope very quickly so Grant Robertson could announce projects at the start of election year'. In a bid to contain spiralling costs, NZTA proposed a series of pared-back design changes earlier this year, including replacing an interchange with a roundabout. But those proposals were strongly opposed by Horowhenua residents and, as 1News reported in June, ultimately scrapped. NZTA told BusinessDesk's Oliver Lewis (paywalled) that reconsenting the changes would have added more delays and costs than simply sticking to the original plan. Tolls won't bridge the funding gap To help recoup some of the cost, the government will impose tolls on the O2NL once it opens in 2029. But they're unlikely to make much of a dent in the final bill. The Infrastructure Commission recently told a select committee that for a toll road to pay for itself, it must cost no more than $32 million per kilometre, carry 40,000 vehicles a day, and cut travel time by 15 minutes. As Thomas Coughlan writes in the Herald (paywalled), O2NL fails on at least two counts: it will cost about $85m per km and is expected to carry more than 20,000 vehicles a day by the late 2030s. Currently, just three toll roads exist in New Zealand, all in the upper North Island. More are planned, including Penlink north of Auckland and Tauranga's Takitimu North Link, with O2NL joining that list. On Wednesday, the government announced a new digital road user charge system that should also enable the digital payment of tolls – but easier toll payments won't solve the core problem of projects that cost far more than they can return. Consensus under construction The O2NL cost blowout coincided with this week's Building Nations infrastructure conference, where politicians from both major parties repeated the familiar call for bipartisan planning on major builds. Infrastructure minister Chris Bishop says he wants 80 to 90% agreement on the long-term project pipeline. But as The Spinoff's Joel MacManus points out, high-minded talk of consensus tends to mask the cynical partisan reality. Bishop insists his concerns are about 'project selection and management', but, Joel notes, his definition of the 'right' projects tends to track closely with his party's own preferences. Labour has hardly done better: its handling of the cancelled iRex ferry project kept National in the dark about the extent of the cost blowout until after the election. 'The problem is that it is easy to say your opponents should be bipartisan in supporting your ideas,' Joel writes. 'It's harder to agree to support your opponents' ideas.' The Green roadblock The problem with the bipartisan-infrastructure dream isn't just opposing priorities, but also a deeper ideological divergence. As Richard Harman argues in the Herald (paywalled), any future Labour-led government is almost certain to include the Greens, a party that remains staunchly opposed to National's Roads of National Significance, including O2NL. The Greens believe that funding should be redirected toward rail and existing road upgrades, not carbon-intensive new highways. A recent Labour-Greens minority report on another expressway project argued that 'there is an urgent need to reduce greenhouse gas emissions, and New Zealand has a limited financial budget and a limited carbon budget'. According to Harman, this kind of objection 'transcends the purely practical and economic and veers off into ideological considerations', making lasting political consensus difficult to achieve. As long as infrastructure remains a proxy for deeper debates over climate, growth and spending priorities, bipartisan agreement may remain more aspiration than reality.
