Australian businesses have been urged to recognise the significant level of ransomware threat from cyber adversaries. Scamwatch has received over 3900 scam reports mentioning the coronavirus with over $3.1 million in reported losses since the outbreak of COVID-19. Ransomware acts as a method of extortion, locking a computer’s content and displaying a message requiring victims to pay a ransom in order for them to regain access. The emails delivering ransomware to Australian victims often mirror the branding of trusted and reputable corporations as part of their techniques.
There's a lot of news coverage, information and misinformation out there on COVID-19/Coronavirus and the effects of the global pandemic, including about insurance and risk management. We have a number of good industry resources that have put out updated, factual articles on insurance and business continuity measures that we found useful and worth sharing. So from our business to yours, please find below a summary of what we know, how we are responding as a business and an industry to the impacts of the coronavirus and also some programs available that might be beneficial.