More than half of New Zealand small businesses are confident in their cybersecurity settings despite an ever-evolving threat landscape, according to insurer AMI.

Only 37% plan to increase their protection in the next year, the IAG-owned insurer found in a July survey.

Cost is the main deterrent to businesses deploying new security measures or systems; about 40% of survey respondents say it is a key consideration.

“What we saw ... is that small business owners often think they’re too small to be impacted, or that if they are, they’ll be able to recover quickly,” AMI’s consumer brands EGM Paula ter Brake said.

National data shows New Zealanders, including business owners, lost $NZ6.6 million ($6.08 million) to cybercrime in the March quarter, up 84% on the preceding period.

AMI has warned small businesses not to underestimate the threat.

“Cybercrime is notoriously under-reported too, so it’s quite possible that the true impact is much higher,” Ms ter Brake said.

“Although many small business owners think they don’t need to up their cybersecurity, or that they won’t be significantly impacted, it’s clear that in this digital age, they may be leaving themselves exposed, and the risk is only growing as we conduct our lives and businesses increasingly online.”