Financial losses due to cybercrime in New Zealand saw a notable increase during the second quarter of 2024, according to data from the National Cyber Security Centre (NCSC).

During the period from 1 April to 30 June 2024, New Zealanders reported a total of NZD $6.8 million in losses to cybercrime. A significant portion of this amount, totaling NZD $5.5 million, came from 11 large incidents where each reported loss exceeded NZD $100,000.

One of the key concerns highlighted by the NCSC was the rise in losses due to unauthorized access incidents, which amounted to NZD $3.6 million for the quarter. Michael Jagusch, NCSC Director of Mission Enablement, emphasized the seriousness of such incidents, stating, “Unauthorised access is a serious type of incident because attackers can potentially commit crimes without being detected. We’re urging organizations to visit OwnYourOnline.govt.nz for guidance and easy steps to help mitigate against these attacks.”

In total, the NCSC received 1,203 incident reports in the second quarter of 2024, representing a 22% decrease from the first quarter of the same year and a 38% decline compared to the second quarter of 2023. The most significant decline was seen in the category of Phishing and Credential Harvesting, which experienced a 31% drop from the first quarter of 2024.

Despite the decrease in the number of incident reports, the financial impact of cybercrime remains significant. Jagusch warned, “Bad actors will try to exploit every tool to their advantage. They’re always coming up with new and inventive ways to steal money and information, and it’s our job to help you stay one step ahead of them with simple steps and guidance.”

The NCSC’s report also highlighted the various tools that online criminals are using to carry out their scams and cyber attacks, including email spoofing, Rich Communication Services, and progressive web apps, all aimed at disguising attacks while trying to obtain personal and financial information from unsuspecting victims.

While the overall number of incident reports may have declined, the monetary losses reported have increased. The NZD $6.8 million loss reported in Q2 2024 represented a 3% increase from the NZD $6.6 million in Q1 2024 and a significant 61% increase from the NZD $4.2 million reported in Q2 2023. The surge in unauthorized access losses was particularly striking, jumping from NZD $390,000 in the first quarter to NZD $3.6 million in the second quarter.

The NCSC gathered these insights from confidential reports submitted to CERT NZ by both individuals and businesses. According to the NCSC, all incident details remain confidential, and no identifying information about the reports will be shared.

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