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.
Some of the scariest cyber attack headlines have been around large, well known companies, but the majority of attacks have actually been targeting small to medium size businesses.
There are reports that the latest global cyber attack, known as the Petya virus, is the 'scariest' and possibly costliest yet.
So what can small businesses do to protect themselves from the big, bad ransomware?
We're pleased to note that our own Lyn Sickerdick was featured in a recent NIBA Insurance Adviser national industry magazine for her tourism and hospitality insurance expertise.