Latest news with #MikeJagusch
1News
13-06-2025
- Business
- 1News
Kiwi businesses reporting large losses to online scammers
People are losing more money to fraud and online scams, with recent months bringing the second highest total loss figure on record. There has been a 14.7% quarterly increase in financial loss reported by New Zealanders, according to the National Cyber Security Centre's Cyber Security Insights report for the year's first quarter. From January 1 to March 31, a total of 1369 incidents were reported. Of those, 77 were triaged for specialist support because they were of "potential national significance". It equalled a financial losses of $7.8 million, up from $6.8 million in the previous quarter. ADVERTISEMENT The largest ever was $8.9 million, recorded in the third quarter of 2022. Mike Jagusch from the National Cyber Security Centre explains who's being targeted and how it's happening. (Source: Breakfast) Response and investigations team lead Tom Roberts said many of those losses came from scam and fraud. "Particularly through business email compromise — where an attacker targets the email systems of a business to obtain money or information — and unauthorised money transfers," Roberts said. "The true scale of losses is likely to be much greater, since we know only a small proportion of losses are reported to us. We urge people to be cautious online because bad actors are always waiting for an opportunity to steal money or information." Director of mission enablement Mike Jagusch said the difference this quarter was that it was mostly businesses reporting losses, rather than individuals. The report showed more than half of the losses reported to the NCSC were to businesses, with criminals often targeting law firms or real estate agencies which handled large transactions. ADVERTISEMENT The morning's headlines in 90 seconds including Air India crash, ferry still out of action, and ignoring TikTok KiwiSaver hacks. (Source: 1News) "A business email compromise is an attack where a bad actor looks to gain access to an organisation's email system, and then they use that email access to trick staff, or clients, or another organisation, into paying them money." That could take the form of a fake invoice, sent from the organisation's own email account, listing the attacker's email address as the destination for payment. Jagusch said organisations should make sure staff were using long, strong, unique passwords and that they have multi-factor authentication turned on, to make it harder to break into their email systems. According to the report, there were 10 recorded incidents in which more than $100,000 was lost. With 486 total reports, "scams and fraud" was again the most reported incident category. The second-highest was "phishing and credential harvesting" with 440.
RNZ News
13-05-2025
- Business
- RNZ News
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: 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. Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
NZ Herald
13-05-2025
- NZ Herald
Cyber attacks cost Kiwis an estimated $1.6 billion in 2024
'If these numbers are extrapolated across the adult population, it indicates that around $1.6b was lost last year,' said NCSC's director mission enablement Mike Jagusch. He said the numbers are much higher than what is reported to the NCSC through its reporting channels. According to the survey, 44% of people who experience cyber attacks don't report them. Under-reporting often occurs because victims can feel embarrassed, feel it's not significant enough to report or aren't aware of the channels they can report to. As a result, figures around losses can vary too. The second annual State of Scams in NZ report last year, compiled by Netsafe and the Global Anti-Scam Alliance, estimated New Zealanders lost $2.3b to online scams in the 12 months to August 30. 'We 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,' Jagusch said. 'Overall, cyber attacks have a significant cost on New Zealand's economy and on New Zealanders.' Of those who lost money, 88% described the impact as moderate, significant or severe. Email (59%) was the most common way Kiwis encountered threats, but traditional means such as phone call (46%) and text message (35%) are still prevalent. However, platforms for cyber threats varied by age, with 40% of 18-34-year-olds experiencing more threats on social media compared with the overall average of 33%. Those 55 years old and over were more likely to experience online security threats through phone calls (53%). When it comes to protecting themselves from cyber threats, 86% said not clicking on links in emails or text messages that aren't from trusted sources was the most important action. Not sharing personal information online with unfamiliar people (85%) and using strong passwords (67%) were also seen as strong countermeasures. Jagusch said it was easy to think nothing happens when people report cyber threats. 'Your reports help us to better understand the threats we face and help us to shape our response,' he said. 'It also helps other New Zealanders keep safe from similar attacks and keep them from losing money.'
