Cyber risks cost 2-3% of profits at banks and insurers – RBNZ research

rbnz1
The Reserve Bank of New Zealand: cyber incidents causing annual losses of about NZ$104m

Cyber risks cost New Zealand’s banks and insurers 2-3% of their profits on average each year, says research published by the country’s central bank.

The Reserve Bank of New Zealand estimates these incidents are causing annual losses of about NZ$104 million ($65.7 million) for the banking sector and NZ$38 million for the insurance industry.

These include direct costs from financial losses, as well as indirect fees derived from factors such as reputational damage or the opportunity cost from

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: