New Zealand Cybersecurity Market Size

New Zealand Cybersecurity Market Analysis

The New Zealand cybersecurity market is expected to register a CAGR of 7.48% during the forecast period (2022-2027). Organizations must take proactive measures to address increased cyber threats due to the recent COVID-19 epidemic. Because of this, cyber resilience, the capacity of a sector or organization to respond to, plan for, and recover from cyberattacks, has in the present situation turned into a requirement rather than a choice.

• According to the Portulans Institute, New Zealand is rated 56th in the world for cyber security, and as the economy is constantly becoming more digital, additional work is urgently required.
• The NCSC appreciates the growing public understanding of the gravity of the cyber threat to Aotearoa, New Zealand, and the work we do to counter it. We provide substantial advantages and cost-avoidance through our efforts to respond to accidents and lessen their impact. By preventing incidents or offering assistance and advice that helped nationally significant organizations detect, respond to, and recover from malicious cyber activity, NCSC intervention or advice saved nationally significant organizations from harm, estimated to be worth NZD 119 million in the 2020-21 fiscal year. This amounts to an estimated NZD 284 million since June 2016 in total.
• New Zealand must be thoroughly aware of the cyber threat environment and the effects of cyber security risks to navigate the digital era's difficulties successfully. In order to do this, CERT NZ collaborates with various organizations in the business, public, and not-for-profit sectors of New Zealand's cyber security ecosystem. The Department of Internal Affairs (DIA), Netsafe, the National Cyber Security Center (NCSC), and the New Zealand Police are just a few examples of important referral partners.
• The rise in disruptive, criminally motivated activity among our occurrences reflects the damage done by extortion and ransomware schemes. This behavior increasingly targets businesses and organizations that cannot tolerate long periods of interruption. The National Cyber Security Center (NCSC) noted 404 occurrences that may have had a national impact in 2020-21 or that affected Aotearoa, New Zealand's nationally significant organizations. State-sponsored harmful cyber activity is still a concern for the NCSC despite being less overtly disruptive, with 28% of documented instances demonstrating connections to alleged state-sponsored actors.
• The increased rise in cyber threat activities in the country drives the market for emerging cybersecurity firms. At the same time, the lack of technical skills hinders market growth. Cyber security experts are in great demand worldwide, and New Zealand businesses are having trouble finding staff with the necessary qualifications. By providing training, upskilling, and new immigration opportunities, NZTech declared in January 2022 that it aims to close the cybersecurity workforce deficit.
• In addition to adjusting to COVID-19, New Zealanders were also dealing with a growing number of technologies changing how they operate and posing a severe threat to public cybersecurity. Although many parties involved in developing these applications and tools-including the NZ Government-maintain the strictest security protocols and standards, there will inevitably be security flaws that threat actors can exploit. Using COVID-19-related lore is a frequent entry point for doing this.