WannaCry Ransomware: Everything You Need to Know
Risks in a business from data breaches and other malicious cyber acts just keep on growing. Due to potential limitations of standard liability coverage when dealing with the evolving cyber environment, forward thinking organizations are transferring their risk to cyber insurance products.
While WannaCry ransomware cyber-attacks have slowed since being initiated on Friday, vigilance remains the order of the day. Attacks have so far locked up more than 300,000 computers in more than 150 countries.
To guard against attack, treat all e-mails with extreme caution. Particular care is advised when opening an attachment or clicking on a link via e-mail. The primary transmission method is for the virus to infect its host via an email attachment or a link to a website. Once clicked the virus downloads itself, spreading to all other computers on the network.
The ransomware takes over users’ files, demanding $300 in bitcoin payment for their restoration. If payment is not made within three days, hostage takers threaten to double the payment. We have copied below a screen capture of the ransomware warning.
One year ago, we shared news about The Institute for Critical Infrastructure Technology’s (“ICIT”) report titled 2016 Will Be the Year Ransomware Holds America Hostage. According to the report, companies need to prepare themselves for the threat posed by this rising form of hacking, which restricts access to an infected computer system, and demands the user pay a ransom to the malware operators to remove the restriction.
The ICIT report posits ransomware “is less about technological sophistication and more about exploitation of the human element.” The following steps could potentially help prevent your company from being held hostage by bad actors:
- Don’t click on unknown e-mails or attachments
- Learn to recognize bogus e-mails and ads
- Don’t use unsecured devices for client data, or connect unprotected personal devices (such as flash drives) to company systems
- Keep company system protections, including antivirus software, current
- Thoroughly check out all third-party vendors, and have a plan in place to respond if they are infected
How KMRD Partners Can Help
KMRD Partners and COMPASS have partnered with a global leader in cyber risk insurance to offer clients up to 20% off their cyber insurance premium. Insureds will derive the following benefits:
- 5% premium policy discount after initial vulnerability assessment
- An additional 15% premium discount after any critical network vulnerabilities are remediated
- A.M. Best rated A, VII carrier. They are the industry leader in cyber insurance coverage
- Proactively identify and address potential vulnerabilities at a pre-negotiated discounted flat rate
Our cyber assessment will show you the critical vulnerabilities within your network, organization, procedures, and policies.
Note: This content is provided as general background information and should not be taken as legal advice or financial advice for your particular situation. Make sure to get individual advice on your case from a KMRD risk professional before taking any action.