Is your business safe from Ransomware such as Wannacry?

In case you missed it, this last weekend saw the largest Ransomware attack the world has ever seen. The Ransomware, known as WannaCry, has so far locked up more than 200,000 computers in over 150 countries around the world. The attack is originating through email attachments and once these attachments are opened, the malware (software that is designed to be damaging) quickly moves to lock up all the files that it finds, rendering them useless to the file’s owner. The hackers then demand US$300 in the first 2 hours to release control of the files, with the price increasing after this window.

Big players have been hit by the malware, including Britain’s National Health Service, forcing dozens of hospitals to cancel operations and ambulances to redirect, FedEx, Deutsche Bahn, Russian banks, and Nissan

The Ransomware targets a vulnerability on PCs and will now be a common software virus that can affect any insured no matter their size or occupation.

What can you do to protect your business from Ransomware? On a practical level, update to the latest system and check your anti-virus is up to date. Also practice caution when opening your emails.

Also consider whether Cyber Insurance would be right for your business. Cyber Insurance will help you cover expenses and legal costs associated with data breaches in the event of a cyber attack such as Ransomware, this includes costs like extortion, business interruptions, forensic investigations, data recovery and crisis management.

Although in this case the ransom demand was fairly low, a recent government report found that Cyber crime costs a business on average $276,323 per attack.

Protecting your business from Ransomware with Cyber Insurance does not cost a lot. Getting a quote only takes a few minutes and having cover could help your business in the event of a cyber attack.

If you need help with your cyber security or IT in general, please call us on 1300 331 041 today. We would recommend you contact the team at Cover Plus Financial Services if you would like to discuss Cyber Security Insurance.

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