Kiwi Businesses Under Siege: Real Cyber Attacks That Could Cost You Everything
It all starts with something small - an ordinary looking email or a routine invoice. But for these NZ SMEs, small oversights led to devastating consequences.
$45,000 vanished: A convincing email looked like it came from their supplier - same logo, same tone, even the same email signature. But it wasn’t. And within 24 hours, $45,000 was gone….
A Million Dollar Invoice: It was a regular weekday when the monthly Microsoft invoice arrived. The bill was normally a few thousand dollars for this mid-size NZ business. But this invoice was different…. with an extra $1,000,000 of charges. A hacker had gained access to their setup and used it to mine cryptocurrency. The alerts had been ignored, leaving the business with the bill to pay…..
Files for Ransom: Without warning, staff couldn’t open any of their files or systems. A hacker had gained access to their environment using a leaked password and remained undetected for 10 days. Over a weekend, the hacker locked down all files and applications, and demanded a ransom payment…
These aren’t hypothetical scenarios; these are real life incidents that have hit New Zealand small and medium-sized enterprises (SMEs) hard.
These cases are not isolated incidents. Cybercriminals are increasingly targeting SMEs, viewing them as easier targets due to perceived weaker defences. According to NZ’s National Cyber Security Centre (NCSC),
Small businesses are the target for nearly half of all cybercrimes in New Zealand,
Incidents are costly, and the estimated cost of a data breach, for example, is $173,000
Less than half of small to medium businesses (SMEs) are prepared for a cyber incident..
Total reported total losses in Q4 2024 totalled NZD $6.8m.
“There’s a Kiwi issue of too much trust” says Mark Dyer, Managing Director of Mohawk Technology. “Some business owners think, “it won’t happen to us” while others see cyber security as optional. Businesses need to know that they are actively targeted, and the impact can be devastating”.
Without protection, businesses are wide open. And once a criminal is in, they take control and lock you out.
Reported Financial Loss in NZ from Cybercrime:
Quarter Four Cyber Security Insights 2024 | CERT NZ
And the fix? Securing your business is not as difficult, or expensive, as you might think. Most SMEs run Microsoft tools, which when managed correctly, provide great protection. “Microsoft M365 offers over 1400 settings to safeguard your business, “ Dyer explains. “You do need specialist expertise, but that expert can quickly implement improvements and reduce risk. It might cost only a few hundred dollars a month - a tiny cost for peace of mind”.
Cybersecurity isn’t just about technology; it's about safeguarding your reputation, finances, and future. Dyer emphasises the importance of annual security reviews to identify and mitigate risks. “Every business owner, board and executive team should know their Cyber risk position. You will never achieve zero risk – but knowing your risk position is crucial",” he says. “If you don’t have expert cyber security services in place, your business is at risk. Don’t wait until you are breached - act now”.
Ready to proctect your business? Start here
Mohawk Technology specialises in IT services for mid-size companies, helping to simplify systems, reduce costs, and protect you against cyber threats. Discover seamless, secure technology that you can trust at www.mohawk.co.nz.