The central bank of New Zealand reported that it is responding in an urgent manner to a cyberattack on one of its data systems. In a statement, the bank said that the system in question is a third-party file sharing service used by the central bank to share and store some sensitive information.
“The nature and extent of information that has been potentially accessed is still being determined, but it may include some commercially and personally sensitive information,” said Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr in a statement. In August, the stock market in New Zealand was hit by a cyberattack. Independent cybersecurity company InPhySec, which is tasked with reviewing the cyberattacks, said the volume and sophistication of the attacks were unprecedented for the country.
In a November 2019 financial stability report, the RBNZ warned that the frequency and severity of cybersecurity incidents in New Zealand were rising. In February 2020, the bank said in a report that cyber incidents were expected to cost the insurance and banking industry between NZD80 million ($58 million) and NZD140 million each year.