Hundreds of millions of dollars lost to online security threats
Half of respondents to the new survey experienced an online threat in the last six months of 2024. File photo.
Photo:
123rf.com
New Zealanders could have lost an estimated $1.6 billion to online security threats in 2024, according to extrapolations from an annual survey released by the National Cyber Security Centre (NCSC).
Online security threats cover a wide range of attacks, including online identity theft, data breaches, phishing scams, investment scams, romance scams and shopping scams.
The survey, carried out by consultancy firm The Research Agency (TRA), was completed by 1006 New Zealanders aged 18 years and over at the end of 2024.
A report published on the survey results looked at people's cyber security awareness, their barriers to change, behaviours, and information sources.
The survey found that 54 percent of respondents have experienced an online threat in the last six months of 2024.
It also extrapolated based on the survey results that an estimated 830,000 New Zealanders would have experienced some financial loss, averaging $1260 per cyber attack.
"If these numbers are extrapolated across the adult population, it indicates that around $1.6 billion was lost last year," said NCSC director of mission enablement Mike Jagusch.
NCSC believed that the numbers shown through the survey were much higher than what was reported to NCSC.
"We know cyber security attacks are underreported. We also know that direct financial loss is only one of the many effects of cyber attacks. These incidents also lead to loss of time, loss of personal information and impacts mental wellbeing," said Jagusch.
The survey found that people had the highest awareness of scam calls, online identity theft, phishing scams and online shopping scams.
Whereas awareness of unauthorised bank transfers, job offer scams and gift card scams, were relatively low.
People over 55 were found to be more likely to experience online security threats through phone calls, while 18-34 year olds experience more threats on social media.
Meanwhile, more than half of those surveyed took steps to protect themselves from online security threats.
Methods include two-factor authentication on main accounts, changing default passwords on devices like Wi-Fi routers, and using a password manager.
However, 44 percent those surveyed who experienced cyber attacks didn't report the incidents, and males were found to be less likely to report cyber threats.
Apathy was found to be a common barrier among those who chose not to report.
Jagusch urged New Zealanders to continue to report any cyber threats they encounter.
"It's easy to think nothing happens when you report.
"Your reports help us to better understand the threats we face and helps us to shape our response. It also helps other New Zealanders keep safe from similar attacks and keep them from losing money," he said.
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