Employers warned against 'overconfidence' in dealing with cyber threats
New Zealand organisations are falling behind in global cybersecurity readiness amid evolving cyber threats, according to reports.
Cisco's annual Cybersecurity Readiness Index found that only two per cent of organisations in New Zealand reached the "mature" rating needed to be resilient against cybersecurity risks.
Another 20% were considered progressive, 53% were formative, and 25% were rated as beginners, according to the index.
These findings are below the reported global levels, with three per cent of organisations globally rated as mature and 26% getting the progressive rating.
Source: Cisco's 2024 Cybersecurity Readiness Index – New Zealand
Overconfidence in cybersecurity
Despite the lack of readiness, however, the report found that 31% of organisations are still "very confident" in their ability to stay resilient in the face of threats.
"While this number is down from last year, it does underline a gap that suggests that companies may have misplaced confidence in their ability to navigate the threat landscape and are not properly assessing the true scale of the challenges they face," the report read.
By industry, the ones that are on top when it comes to overall cybersecurity readiness include:
- Financial services
- Technology services
- Media and Communications
- Manufacturing
On the other hand, the industries that require the most improvement include Personal Care and Services, Education, and Wholesale.
The low level of preparedness among organisations came despite greater focus and investment to address cyber threats across New Zealand, according to the report.
"In short, the sophistication, scale and frequency of cybersecurity threats are currently outstripping protective measures being taken by companies," the report read.
Addressing the problem
While the report recognised growing efforts from employers to address cyber threats, it urged employers to also secure additional funding and accelerate the deployment of cybersecurity solutions.
"As they do that, they should adopt a platform approach to ensure that various solutions on their stack can be integrated so they can leverage them fully," the report read.
Jeetu Patel, Executive Vice President and General Manager of Security and Collaboration at Cisco, also previously warned employers against getting overly confident.
"We cannot underestimate the threat posed by our own overconfidence," Patel said in a statement.
"Today's organisations need to prioritise investments in integrated platforms and lean into AI in order to operate at machine scale and finally tip the scales in the favour of defenders."