More than five million emails have been sent per hour over the past few days, all of which contain vicious hidden malware that users have dubbed ‘WannaCry’.
So far, there have been 200,000 known attacks that have taken place in 150 different countries, including Australia.
When unassuming employees opened the suspicious email attachment, the self-replicating virus was able to enter even the most secure company networks. Once the malware had infiltrated the network, ransom notes were sent to those affected by the attack demanding sums of up to US$300 within two hours, in exchange for the hackers releasing their hold on the exposed data.
If the ransom was not paid within the two-hour timeframe, hackers threatened to double the sum.
The attack, which has been dubbed ‘the biggest online extortion attack ever recorded’, was primarily aimed at small to medium-sized businesses in the private sector. However, large-scale international companies were also targeted.
Businesses with older software and IT infrastructure are particularly susceptible to attacks of this nature.
In light of this widespread cyber attack, business insurance brokers and insurance companies across the globe are urging business owners to review their cyber insurance policies and to review their current malware protection programs.
Regardless of your business size, it’s imperative you are aware of your cyber exposures and how you can protect your company from falling victim to a cyber attack. This is the perfect opportunity to review current software, and to make any necessary upgrades, or to implement extra security measures.
Warnings have also been issued advising companies to take care when opening emails from unknown senders.
For further information on cyber insurance, and how you can protect your business financially against the rising threat of cyber crime, talk to Sydney Insurance Brokers today!