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​$257 million and counting as cyber crime rocks NZ market

​$257 million and counting as cyber crime rocks NZ market

Almost $257 million was lost to cybercrime during the past year in New Zealand, with approximately 856,000 Kiwis impacted by online crime.

Almost $257 million was lost to cybercrime during the past year in New Zealand, with approximately 856,000 Kiwis impacted by online crime.

Shedding light on the online crime market across the country, Norton by Symantec’s report - Norton Cybersecurity Insights Report - claims that 83 percent of New Zealanders worry they will be a victim of online crime, and 65 percent believe it is more likely their credit card information will be stolen online than from their wallets.

“Our findings reveal that consumer reservations are grounded in reality,” says Mark Gorrie, Director, Norton by Symantec, Pacific region.

“Consumer confidence has also been rocked by the number of mega breaches that exposed the identities of millions of people who were making routine purchases from well-known retailers.

“Our findings demonstrate that the headlines rattled people’s trust in mobile and online activity, but it hasn’t led to widespread adoption of simple protection measures people should take to safeguard their devices and information online.”

Norton claims New Zealanders lost an average of 22 hours and $300 per person dealing with the impact of cybercrime.

On top of this, cybercrime takes an emotional toll with nearly nine out of 10 respondents (89 percent) saying they’d be devastated if their financial information was compromised.

Despite concern and awareness of cybercrime, Gorrie says consumers are overconfident in their online security behaviours

“ When asked to grade their security practices, they consistently award themselves a solid “A”,” he explains.

Read more: Symantec CEO pinpoints new company direction

“But in reality, most are not passing the most basic requirement of online security: password use.”

In New Zealand, less than half (45 percent) always use a secure password - a combination of at least eight letters, numbers and symbols with people also sharing passwords to sensitive accounts with friends and family.

Of those sharing passwords, more than one in three (38 percent) share their banking account password, and on average they are sharing passwords for two accounts, with the most common passwords shared being email (54 percent) and social media (46 percent).

Up and down the country, findings show that women are also more likely to share their passwords than men (31 percent versus 23 percent).

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