Cyber attacks cost Kiwis an estimated $1.6 billion in 2024

About 830,000 of New Zealanders suffered some financial loss from online threats in the final six months of 2024, according to the National Cyber Security Centre. Photo / 123rf

• The National Cyber Security Centre estimates Kiwis lost $1.6 billion to online threats in 2024.
• More than half of Kiwis experienced an online threat in the last six months of 2024.
• The average amount lost per attack was $1260.

New Zealanders suffered $1.6 billion in financial losses from online threats in 2024, according to research from the National Cyber Security Centre.

The centre’s (NCSC) annual survey found 54% of adult New Zealanders had experienced an online threat in the last six months of the year, with 830,000 suffering some financial loss.

The average amount lost per attack was $1260.

“If these numbers are extrapolated across the adult population, it indicates that around $1.6b was lost last year,” said NCSC’s director mission enablement Mike Jagusch.

He said the numbers are much higher than what is reported to the NCSC through its reporting channels.

According to the survey, 44% of people who experience cyber attacks don’t report them.

Under-reporting often occurs because victims can feel embarrassed, feel it’s not significant enough to report or aren’t aware of the channels they can report to.

As a result, figures around losses can vary too. The second annual State of Scams in NZ report last year, compiled by Netsafe and the Global Anti-Scam Alliance, estimated New Zealanders lost $2.3b to online scams in the 12 months to August 30.

“We know that direct financial loss is only one of the many effects of cyber attacks. These incidents also lead to loss of time, loss of personal information and impacts mental wellbeing,” Jagusch said.

“Overall, cyber attacks have a significant cost on New Zealand’s economy and on New Zealanders.”

Of those who lost money, 88% described the impact as moderate, significant or severe.

Email (59%) was the most common way Kiwis encountered threats, but traditional means such as phone call (46%) and text message (35%) are still prevalent.

However, platforms for cyber threats varied by age, with 40% of 18-34-year-olds experiencing more threats on social media compared with the overall average of 33%.

Those 55 years old and over were more likely to experience online security threats through phone calls (53%).

When it comes to protecting themselves from cyber threats, 86% said not clicking on links in emails or text messages that aren’t from trusted sources was the most important action.

Not sharing personal information online with unfamiliar people (85%) and using strong passwords (67%) were also seen as strong countermeasures.

Jagusch said it was easy to think nothing happens when people report cyber threats.

“Your reports help us to better understand the threats we face and help us to shape our response,” he said.

“It also helps other New Zealanders keep safe from similar attacks and keep them from losing money.”

Cameron Smith is an Auckland-based journalist with the Herald business team. He joined the Herald in 2015 and has covered business and sports. He reports on topics such as retail, small business, the workplace and macroeconomics.