Managing Cyber Threats

Written By Marc Potter
ICG Cyber Security Audit Approach.png

Cyber security threats were on the rise prior to Covid-19, with high-profile cases including 339 cyber security incidents of national significance recorded by the National Cyber Security Centre in FY1[1], 38% linked to state-sponsored computer network exploitation groups, 17% detected after systems were compromised:

  • 2019 – Ministry for Culture & Heritage

  • 2019 – NZ Treasury

  • 2017 – 2019 – NZ Transport Agency

However the Covid-crisis has seen an increase in threats[2] which may have several drivers[3]:

  • Espionage actors operating for governments with economic interests at play or increased geopolitical tensions;

  • Reduced spending from consumers means groups that traditionally go after credit card details need to find new income sources;

  • Organised crime groups likely see this as an opportunity to target organisations in desperate situations; 

  • Most high-profile ransomware operations are run as affiliate programmes, which has triggered a growth in the number of actors and affiliates who participate in their programmes. Ransom demands (and therefore revenues) are growing, encouraging other actors to enter the market;

  • Opportunistic reconnaissance identifying vulnerabilities, possibly related to rapidly stood up remote working practices.

The latest target - NZX compromised for a week. 

Experts in cyber security and payments consider New Zealand’s security landscape immature, and therefore very vulnerable[4].

 The likelihood of threats becoming reality has also risen due to increased working from home and related risks for access to a company’s network,[5]:

  • Temporary workplaces and home offices set up during the time of COVID-19 related lockdowns often don't have the same level of protection as the office;

  • The internet connection at home is not secured to the same extent as an enterprise network, including uncontrolled and poorly informed network users;

  • Highly emotive information, offers and surveys which are in reality cyber-criminal activity and scamming emails;

  • Staff working from home don't have the option of asking colleagues across the office whether the contents of an email or identity of a sender could be trustworthy.

Organisations affected by cyber security breaches suffer significant consequences, which can include:

  • Reputation and customer confidence: funding, customer participation and revenue

  • Productivity: costs, investments

  • Operational disrupt: damage to economy, property, personnel and customer health and safety

  • Asset loss: data, digital assets

ICG has developed a cyber security audit program based on global best practice, which provides a comprehensive view of threats, their drivers and potential roadmap to security for councils, SOE’s, Departments, Ministries  and related entities such as key suppliers (see illustration above for our framework).

Depending on organisation complexity the audit and reporting can be performed in as little as 4 weeks, providing organization leadership and ICT management with a clear view of threats, mitigating actions and a risk-weighted plan.  Key recommendations include:

  • Current and future target risk and maturity profile

  • Security practice size/shape

  • Risks and opportunities for customer facing, business network and control systems

  • Governance opportunities

  • Education and training opportunities

  • Changes to current security footing as it relates to the environment

  • End user enablement policies in areas such as mobile phone use, authentication, cyber education, etc.;

  • Infrastructure and software planning; business continuity and disaster recovery;

 Recent client feedback on ICG’s Cyber Security Audit Program from a NZ local council CIO: “I have found (ICG’s consultant) work to be outstanding.”

Contact ICG for a confidential discussion on your situation and program alignment.

Marc Potter                                                                Chris Ward

CEO                                                                             Senior Cyber Security Consultant

marc.potter@internalconsulting.com                       chris.ward@internalconsulting.com

+64 027 4433 867                                                              +64 021 975 323

[1] www.ncsc.govt.nz/newsroom/cyber-threat-report-for-201819-released/

[2] itbrief.co.nz/story/trend-micro-covid-19-related-malware-and-spam-on-the-rise

[3] www.pwc.co.uk/issues/crisis-and-resilience/covid-19/why-an-increase-in-cyber-incidents-during-covid19.html

[4] www.nbr.co.nz/story/hackers-target-online-shops-covid-drives-sales?utm_medium=email&utm_source=NBR%20Today

[5] securitybrief.com.au/story/cyber-criminals-continue-to-capitalise-on-covid-19

Internal Consulting Group provides unbundled advisory services to private and public organizations across Asia Pacific, North America and Europe.  With an accredited professional membership base of 4,500  ICG operates a responsive high-capability model with significant value for clients.  

 In ICG New Zealand has completed a wide range of engagements for government and private sector clients:

  • Salesforce implementation including data migration and training for global enterprise on three continents

  • Scenario planning and enterprise strategy for large +$3b Australian heavy equipment distributor

  • Global brand design for NZ primary producer including design and calibration of international price-to-features matrix

  • NZ Country strategy for global heavy equipment OEM

  • Critical thinking course for 100-person leadership team of NZ listed company

  • Successful Australian acquisition due diligence for NZ payments company

  • Organisation design for Small Business Bank of one of Australia’s 4-pillars banks

  • Fishing quota valuation and strategy for Maori trust

  • Executive organisation and governance process design for major government agency

  • Enterprise purpose discovery for Australian charitable organisation

  • Management Operating System (MOS) design and implementation for major Australian/PNG gold mining & processing complex

  • Post merger integration of an industry-leading software company with a global payments company

  • Customer experience diagnostic and action plan for large NZ logistics company including pricing and territory optimization strategies

  • Strategy, business plan and interim sales management role for key NZ insurer – 30% year-on-year sales increase

  • Deal facilitation for Japan market entry with follow-on role as interim Japan CEO for global financial services company

  • Risk assessment of real estate development and development partner plus mitigating  action plan for NZ Local Authority

  • International roll-out of enterprise risk framework for global financial services company

  • Assessment of SME and rural sector marketing and sales performance for major NZ bank

Marc Potter