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Advisers warned against cyber-attacks, and more daily news

After the NZX cyber-attacks, financial service businesses are being warned by the National Cyber Security Centre (NCSC). The high cyber security advisory that was issued addresses the current threat and details how attacks could happen. The NCSC has said that businesses should review current plans and systems in place.

“A high cyber security advisory has been issued by the National Cyber Security Centre (NCSC), warning financial services businesses about the current threat and outlining how the attacks could occur.

Affected entities have received ransom emails demanding payment in Bitcoin, along with a threat of a significant distributed denial of service (DDoS) attack against internet-exposed infrastructure if the ransom is not paid.

The NCSC said financial services firms should review their plans for responding to a DDoS attack to ensure they were up to date, and review their systems architecture to identify any potential points of failure. ”

Katrina Shanks has said that advisers need to avoid being complacent and instead need to know the strength of their current cyber security processes. She continued by saying that cyber-attacks affect consumer confidence and that there are many options for those looking to improve their cyber security.

“Financial Advice NZ chief executive Katrina Shanks said advisers would need to understand how up to date their cyber security processes were and what protections they had in place. And should avoid “being complacent”.

She said there were a lot of options available to businesses that wanted to improve their cyber security. “You do get what you pay for.”

She said there was a risk to consumer confidence when high-profile financial services firms such as the NZX, were repeatedly felled by the attacks.” Click here to read more

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