|Following the extensive coverage on cyber attacks in the news over the last few days, Matt Webb, Group Head of Cyber at Hiscox comments on the WannaCry ransomware:
“We have seen a rise in ransomware attacks over the last 24 months. Generally these incidents are resolved fairly quickly; for example if the insured has good IT hygiene they can simply restore from back-ups. They are normally small, but Friday’s incident exploits a Microsoft vulnerability which has allowed the malware to spread more easily”.
“Hackers are incredibly crafty at exploiting vulnerabilities. But there are three things businesses can do to keep on top of ransomware attacks; Firstly, have good back up procedures in place to aid recovery. Second, keep patching up to date. Last, do regular phishing training with staff”.
“Costs to businesses are not limited to any initial ransom payments. These are typically a smaller part of a claim compared to the cost of restoring data and business interruption”.
“Friday’s events remind us how devastating ransomware attacks can be and how quickly they can spread”.