Cyber incidents rise sharply, losses from threats decrease

Reports of cybercrime have seen a significant uptick in recent months according to the National Cyber Security Centre (NCSC).

Reported cyber incidents increased by 58% from the preceding quarter, after experiencing three quarters of steady decline. According to the NCSC figures, incidents rose from 1,203 in the second quarter to 1,905 in the third quarter of 2024. This reflects an emerging trend of heightened cyber threats across various categories.

"We've seen an increase in most incident categories, including an 80% jump in Unauthorised Access, which is a worrying trend," said Michael Jagusch, Director Mission Enablement at the NCSC. Unauthorised access, he explained, signifies that attackers have breached system defences, gaining access to sensitive information or funds, and might be setting the stage for more elaborate breaches.

Jagusch emphasised the importance of preventative measures to combat unauthorised access. "By the time these incidents are discovered, it's often too late," he explained. He recommended basic steps such as enabling two-factor authentication and using strong, unique passwords to protect against such threats.

The report highlights that phishing continues to be the predominant threat, representing nearly half of all reported cyber incidents. Phishing attacks are commonly used by cybercriminals to infiltrate systems and can lead to further exploitations.

The financial implications of these cyber threats have also been noted, with overall financial losses reported to have decreased by 19% from USD $6.8 million in Q2 to USD $5.5 million in Q3. However, the proportion of reports featuring losses under USD $500 rose, reversing a downward trend observed over the past nine months.

Michael Jagusch commented that the rise in reports for smaller financial losses suggests a shift in criminal targeting as the holiday period approaches. "These reports are good indicators of where and who the criminals are targeting, and we can expect more of this level in the coming months as we enter the holiday period," he said.

Despite the increased incidents, there is a glimmer of hope as individuals and businesses reporting these issues helps in enhancing collective security. "The more incidents you report to us, the more you help keep yourself and those around you safe from future attacks," Jagusch urged, encouraging continued vigilance and reporting of cyber malpractices.

The data for this report is gathered from confidential submissions to CERT NZ, as part of the NCSC. This highlights not only the rising trend in cyber incidents but also aids in building a clearer understanding of the threat landscape faced by New Zealanders and their businesses. While measures are being advocated to safeguard systems, the fluctuating nature of online threats remains a pressing concern for cybersecurity agencies worldwide.