BRANCHED TO TRAINING Cyberattacks make companies and governments WannaCry

News / / BRANCHED TO TRAINING Cyberattacks make companies and governments WannaCry

Attacks on the riseSome estimates put the global number of victims of cyber-crime as high as 300 million per yearnbspRansomware attacks, such as this weekend's WannaCry virus rose by 35 from 2015 to 2016nbspIt is no longer a question of if your business will be attacked but rather, whenHowever, the cyber-crime statistic of most concern is perhaps this one 6 monthsnbspThis is now the average time cyber-criminals will remain in your system after a breach whilst they wait for the optimum time to strikenbspIt's too late to start locking the doors and windows if a burglar is already in the houseProtecting your businessAs cyber-criminals become more sophisticated, there is simply no way for customers to protect themselves against threats unless they update their systemsWhilst we endorse Microsoft's sentiments, it is important for businesses to understand that the systems that need to be updated extend beyond the firewalls and software installed on our networksnbspAn organisation can only be protected by the development and implementation of a from the top down cyber-security culturenbspProtocols must be drafted to ensure that all practicable steps are taken to keep systems secure and data un-corruptednbspThis should include development and testing of an incident response planTo assist clients in achieving this objective we have teamed up with Navigant's nbspleading cyber-security team to provide a cyber-security health-check to help manage this growing threatnbspThe key aspects of the health-check include- nbspAn assessment of your IT policies, procedures and systems for effective cyber-defence nbspA summary of the relevant regulatory and contractual obligations imposed upon your business in relation to cyber-security nbspA review of your insurance protection for losses following a cyber-attack nbspTesting and review of your cyber-response planPlease click herenbspfor further information on the service we provide in conjunction with Navigant in LondonPlease click here for further information on the service we provide in conjunction with Navigant in AsiaConclusionIt appears that luck played a significant role in halting the WannaCry attacknbspWhilst Marcus Hutchins should be lauded for his ingenuity, too many companies are relying on luck to avoid cyber-breachesnbspThis is a risky game to play nbspThe global media seem to attach significance to the fact that WannaCry ransom payments to date only amount to US42,000nbspHowever, the cost to businesses from a successful cyber-breach will far exceed the ransom paid or sums remitted following a successful CEO scam or fake-invoice fraudnbspThe costs incurred chasing down misappropriated funds, the losses from business interruption and the damage to your market reputation can bring a business to its kneesThis weekend's attack is not just a wake-up call for governmentsnbspnbspbut also for the boardroomnbspCompanies would be well advised to take steps now to ensure they have appropriate cyber-security systems in placenbspTo do otherwise could place directors in breach of their fiduciary duty to the companynbspJust like any criminal, cyber-attackers look for the soft targetnbspAct now to ensure your business does not feature in next weekend's cyber headlines
Rory Macfarlane

Rory Macfarlane Partner

Simon Cooper

Simon Cooper Consultant

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