Cyber criminals could be costing New Zealanders $4.7 billion per year


Cyber criminals could be costing New Zealanders $4.7 billion per year, with businesses taking most of the hit, according to AVG.

The company's 'security evangelist' Lloyd Borrett cited the findings of a UK report by the Office of Cyber Security and Information Assurance, and found that extrapolating the UK statistics by New Zealand's GDP and population resulted in a loss of $4.7 billion.

The report found that in the UK, £27 billion are lost to cyber criminals every year, with businesses bearing £22 billion of the cost.

In Australia the extrapolated figure was AUD$22 billion per year.

“The whole pubs, clubs, cafe industry in Australia is only $11 billion," Borrett said.

Merchants took most of the hit because of credit card fraud. The customer would usually call the credit card company and cancel any illegitimate transactions, so it was businesses that lost money.

"Now, a merchant, of course you've got to educate them to be aware and sophisticated and you say, 'well, don't deal with someone in Ghana'," Borrett said.

"I've set up online shops for a few small businesses, and you tell them, 'well, we just won't deal with anyone from those countries'."

The cyber crime industry was "bigger than the drug industry", Borrett said, and had ties to the mafia and organised crime.

NetSafe executive director Martin Cocker said New Zealand was becoming more at risk of cyber crime as it was attempting to become a "digital economy" through ultra-fast broadband.

"For us, the interesting question is 'how ready is New Zealand to become a digital society?'" Cocker said.

"Are small businesses aware of what they're getting themselves into when they move to e-commerce? Are consumers really aware of the risks that they face? The answer from the research is no, not really."

SHARE OUR NEWS DIRECTLY ON SOCIAL NETWORKS:-

LINK TO OUR HOME PAGE :
Voice Of GREYHAT is a non-profit Organization propagating news specifically related with Cyber security threats, Hacking threads and issues from all over the spectrum. The news provided by us on this site is gathered from various Re-Sources. if any person have some FAQ's in their mind they can Contact Us. Also you can read our Privacy Policy for more info. Thank You ! -Team VOGH
If you enjoyed VOGH News, Articles Then Do Make sure you to Subscribe Our RSS feed. Stay Tuned with VOGH and get Updated about Cyber Security News, Hacking Threads and Lots More. All our Articles and Updates will directly be sent to Your Inbox. Thank You! -Team VOGH

Categories:
Related Posts Plugin for WordPress, Blogger...