Worldwide Cyber Attack l Protect Your Business
Over the weekend, the world witnessed an internationally coordinated ransomware attack on private and public sector organisations. Amongst the estimated 200,000 businesses hit by the cyber attack, 61 NHS authorities in England and Scotland were affected. Further high profile attacks may come to light this week.
Ransomware attacks are the most damaging forms of cyber-attacks. It can affect home users, businesses as well as governments. The wide spread and random attacks means that we have no idea who the next victim(s) might be. Cyber attacks can affect small businesses too.
To help you manage cyber risks, you can;
- conduct a robust analysis of cyber risks (Cyber Liability Toolkit)
- create a crisis or breach plan and test it
- obtain a cyber liability policy suitable for your business.
What You Need to Know
· What is the Ransom Virus ‘Wanna Cry’?
Wanna Cry exploits a vulnerability in Microsoft, which released a software patch in March this year. It is unclear whether the cause was down to the failed patch or that users did not install updates.
Ransomware like Wanna Cry is designed to cripple IT systems and encrypts a user’s file until a ransom is paid. Cyber experts strongly advise against paying ransom. There is no guarantee of decryption and you may end up on a list of people who will pay ransom. This will potentially increase your risk of a future attack.
· How to Prevent a Cyber Attack
You can use monitoring tools, improve your processes and employee awareness to help you be more prepared.
Cyber Essentials: Up to 80% of cyber-attacks can be prevented by undertaking Cyber Essentials. It is a Government-backed cyber security certification scheme that sets out a good baseline of cyber security suitable for all organisations in all sectors.
For peace of mind and good practice, Thomas Carroll are both Cyber Essentials Plus and IASME accredited.
National Cyber Security Centre Advice (NCSC):
- Keep your organisation’s security software patches up to date
- Use proper antivirus software services
- Most importantly for ransomware, back up the data that matters to you, because you can’t be held to ransom for data you hold somewhere else.
Home users and small businesses:
- Run Windows Update
- Make sure your antivirus product is up to date and run a scan – if you don’t have one, install one of the free trial versions from a reputable vendor
- If you have not done so before, this is a good time to think about backing important data up.
Keep Up to Date – NSCS
If you have been affected, the National Cyber Security Centre can advise you on steps to take.
Invest in Cyber Insurance
You need to be prepared by creating a crisis or breach response plan, which should be regularly reviewed and tested. Click here to access our Cyber Liability Toolkit to help you get organised and manage exposures.
Insurance can mitigate some impacts of many cyber risks. Cyber Liability Insurance is specifically designed to address the risks that come with using modern technology. These are risks that other types of business liability cover simply won’t. The level of cover your business needs is based on your individual operations and can vary depending on your range of exposure. For further information, please click here for Cyber Liability Insurance Cover Overview.
As your business grows, make sure your cyber liability cover grows with it.
· Making a Claim – Time Critical
Immediately responding to an event and presenting a claim to insurers under your cyber policy is time critical. Our in-house claims team are on hand to offer you the guidance and the advice you need to get your business back up and running.
For further information or advice, please contact your account executive or call our office to speak to an expert.
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