• Does Your Cyber Insurance Cover Events Like the WannaCrypt Ransomware Attack?

    Posted on 30 May, 2017

    In the wake of the global WannaCrypt Ransomware attack, businesses are scrambling to assess their vulnerability to cyber threats and to make sure staff are aware of the risks posed by suspicious emails.

    The virus that crippled businesses from across the globe from mid-to-late May locked up more than 200,000 computers in more than 150 countries.

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    *Countries affected by WannaCrypt Ransomware

    Companies in Australia, Europe and Asia were particularly vulnerable to the cyber attack, and it’s estimated the recuperation costs could be in the billions of dollars.

    While a number of large, international companies fell victim to the ransomware, the biggest at-risk group was small-to-medium businesses with out-dated equipment.

    global cyber attack sparks debate over cyber insurance policies

    *A screen shot of the message received once a network had been infected

    It’s since been revealed that this particular virus was created using leaked NSA data. Thankfully, a 22-year-old researcher from the UK was able to strike down the first spread of attacks with one simple trick.

    One of the web domains used by the hackers wasn’t registered, so by simply paying a $10.69 registration fee for the site, he was able to take control of the domain and track how the ransomware was spreading.

    However, this malware or similar malware could still pop up, so it’s essential you take all of the necessary steps to protect your business.

    How Can You Tell If Your Business is at Risk of an Attack?

    1. Is your Microsoft Windows fully up to date, with all the recent patches loaded and installed?
    2. Is your anti-virus and anti-malware software operating properly and fully up to date?
    3. Do you have sufficient Cyber Insurance to respond if something does get through and affect your computer? This is particularly important, as you’ll need help unravelling the impact of the virus, and you may also need help if your business is closed while this happens.
    4. Ensure everything is up to date and that you are fully protected – and fully backed up!

    Vicious malware is becoming more prevalent in our online-based world, so make sure you’re properly protected with cyber insurance from Donnellys.

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