Ransomware

WannaCry Ransomware Cyber-attack: What you need to know

There has been an overwhelming amount of information circulating in the media at the moment about the recent ransomware attack.

Aon has shared some of the FAQ’s they’ve had regarding this attack, and how to ensure your business isn’t crippled by ransomware attacks. Here’s what you need to know and what to do if you are affected.

 

What is “WannaCry?”

On Friday 12th May, the world was hit by a ransomware cyber-attack. The attack, known as “WannaCry” or “WannaCrypt”, locks up the user’s files, and does not release them until a ransom (paid in Bitcoin) had been paid.

 

How did this attack originate?

Interestingly, this is a new variant of ransomware, attached to a self-proliferating “worm” that looks for unpatched systems and then infects them. Ransomware has traditionally required a human trigger, an individual clicking a link or attachment, which then launches the ransomware. Instead, WannaCry can spread very rapidly across organisations and the Internet without human assistance.

 

Who is vulnerable to the attack?

All organisations with out-of-date Microsoft Windows software are at risk, regardless of size, industry and country. Microsoft became aware of a vulnerability in their software earlier this year, and released an update to fix the problem in March. They also released a patch for unsupported systems, including Windows XP.

 

Who was affected?

The attack hit an estimated 300,000 victims in 150 countries. Some of the most high profile impacts were on hospitals in the UK, including the National Health Service (NHS,) and international shipper Fed-Ex. UK hospitals were asking non-critical patients to avoid hospitals until they could access their systems again. The NHS spread of the ransomware was early and severe due to a proliferation of unsupported Windows XP across the organisation.

 

What’s the impact in Australia?

It is estimated that more than 12 Australian businesses were affected, with more anticipated due to the prevalence of organisations with out-of-date software. In addition, another large-scale cyber-attack is underway, that could potentially cause even more damage than WannaCry.

The new attack, called “Adylkuzz” targets the same vulnerabilities as the WannaCry ransomware, but instead of locking up users’ files, the virus uses the hundreds of thousands of computers believed to have been infected, to transfer virtual currency to the authors of the virus. There are no reported cases of the attack in Australia just yet, however organisations should remain on high alert.

 

What should you do if you have been targeted by ransomware?

Note that there is no guarantee you will get your files back if you pay the ransom. The best way of dealing with ransomware is to:

  • Follow the actions set out in your cyber incident response plan or equivalent crisis plan;
  • Patch your Microsoft Windows in order to prevent further attacks;
  • Report the event to relevant authorities. Aon recommends that affected individuals contact the Australian Cybercrime Online Reporting Network (acorn.gov.au), organisations contact the Computer Emergency Response Team (cert.gov.au) and government entities contact Australian Cyber Security Centre (acsc.gov.au)

 

How can I increase my organisation’s cyber resilience?

Organisations need to proactively manage their cyber risk exposures and reduce the impact of future incidents by:

  • Identifying and quantifying their cyber risk exposures
  • Formulating a plan to reduce and manage these exposures
  • Creating a cyber incident response plan
  • Enhance cyber security awareness training in your organisation
  • Considering the integration of cyber insurance into your risk mitigation program

 

How do cyber incident response plans assist organisations?

Building an incident response plan in advance of a cyber incident is directly correlated with a lower total cost of risk:

  • Identification of an internal response team including: industry leading attorneys, forensics, crisis management, law authority, internal and external crisis management/external communications, and insurance professionals.
  • This pre-identified and engaged response team allows the team members to benefit from knowing the organization and issues in advance of the incident to facilitate quicker, more accurate, more coordinated and more comprehensive responses
  • Adequate and tested back-up systems
  • Identification of critical decision points facing affected organizations, and ensuring that the stakeholders in these decisions are aware of their role and that there are backup contacts in the case of unavailability

 

How can cyber insurance assist with ransomware incidents?

A cyber insurance policy, tailored to your organisation’s needs, can protect against the financial damage that a ransomware attack of this nature, while also connecting you with a network of cybersecurity, legal and crisis communications experts in the event of a serious system breach.

Investigation expenses, legal expenses and extortion payments can all be covered under a robust cyber insurance policy. There is further cover available, where a system compromise leads to a data breach or a system disruption. Cyber ransom, in this case to address a ransom demand of $300 (to be paid in Bitcoin) for malware called “WannaCry,” can also be included in many cyber insurance policies.

 

How Aon can help

Aon are leaders in cyber risk consulting and insurance solutions. The company covers a range of cyber risk management solutions including risk profiling, that helps you understand the cyber risks unique to your organisation.

In partnership with YBF, Aon is looking to help more startups ensure they are mitigating risks associated with running a tech company.

Aon can cover cyber insurance, which includes coverage of ransomware incidents. Cyber insurance can include a cyber incident response team who can assist with the first response to a cyber incident and coordinate the actions required. Get in touch with the Aon team through their new ecosystem insurance tool or by emailing aon@yorkbutterfactory.com, who can assist in preparing for, responding, mitigating and transferring risks of cyber incidents.

 

Contacts:

Fergus Brooks, Cyber Risk Practice Leader

T: +61 2 9253 7835    
E: fergus.brooks@aon.com

 

Michael Parrant. Cyber Insurance Leader

T: +61 3 8613 3485
    E: michael.parrant@aon.com

 

Stephen Trickey, Specialties Sales Director

T: +61 2 9253 7577     E: Stephen.trickey@aon.com

 

Content from http://www.aon.com.au/australia/newsroom/wannacry-ransomware-cyber-attack.jsp