The Insurance Council of New Zealand (ICNZ) has joined a government initiative to improve the nation’s cyber security.

The Connect Smart project, led by the National Cyber Policy Office, aims to raise awareness and provide simple, trusted advice for companies and individuals.

“It’s important for the insurance industry to take a leadership role in supporting the development of policies and strategies designed to protect New Zealand against the increasing threat of cyber-related crime,” ICNZ CEO Tim Grafton said.

“Our involvement in Connect Smart is one way of making a meaningful contribution.”

ICNZ says cyber crimes have cost New Zealand businesses more than $NZ625 million ($561 million) in recent years, but this figure is probably conservative because some victims are reluctant to disclose breaches.