Denial of service attacks of the type that disrupted trading on the New Zealand stock exchange last year are predicted to increase this year.
Accenture's report said attacks were increasingly hard to spot as they were using legitimate tools such as those on Microsoft or Apple to gain access to systems. Photo: 123RF
Consulting and processing services company Accenture's 2020 Cyber Threatscape Report details threats expected to characterise the next 12 months.
It includes case studies of cyber crime groups such as an Iran-based hacker gang referred to as Sourface and Russia's 'Belugasturgeon'.
The report said attacks were increasingly hard to spot as they were using legitimate tools such as those on Microsoft or Apple to gain access to systems.
These gangs then stole company data and locked out users until a ransom was paid.
Accenture New Zealand Managing Director Ben Morgan said attacks using advanced ransomware and denial of service attacks were are set to increase.
Cybersecurity expert Bruce Armstrong said this was the most lucrative form of crime in the world today.
The forecast is that the effect of cybercrime on the world this year will be $US6 trillion, he said.
"The guys who are doing it are professionals. You know it's not the guy in the basement in his hoodie anymore, it's a guy in a suit, he drives a fast car, and he's got a health plan and retirement plan. And his job is to sit there and work out how to hack you."
New Zealand businesses were generally not well prepared to defend themselves against these attacks and two thirds of breaches involved people being manipulated by scammers, he said.
"So you're either convincing them to click on a link or send money to a different account or that you are a representative of a company that's providing some services to them.
"Once you know you've got that trust, then companies can be ripped off for hundreds, thousands or millions of dollars."
Those working from home were a new target for scammers, Armstrong said.
Trading on the NZX was halted on four days last August after heavy cyber attacks disrupted its website]
The attacks also targeted MetService and [https://www.rnz.co.nz/news/national/425080/mount-ruapehu-s-skifields-latest-to-be-hit-by-cyber-attacks several other New Zealand companies.