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Cyber, it's time for an update

8/06/2017
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FedEx, Telefonica, Renault and the UK Hospital system are just some of the businesses that have been affected by the recent global cyber attack over the past few days, where a malicious email campaign, sending nearly five million emails per hour, sent email attachments containing a hidden malware known as ‘WannaCry’ to users.

To date, over 200,000 attacks have occurred in 150 countries, including Australia. The self replicating virus was able to enter company networks when unassuming employees clicked on these email attachments. Ransom notes were then sent to those affected demanding sums up to US$300 within 2 hours (before prices would double) in exchange for their data being released.

 

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Many articles have cited that the attack is believed to be the biggest online extortion attack ever recorded.

Dan Tehan, Assistant Minister for Cyber Security said the attacks were primarily aimed at small to medium sized private sector businesses, particularly those using older software and IT infrastructure.

We know that many of our Brokers will be having conversations with their clients regarding this attack and how it impacts them. This type of awareness is vital in order for clients to realise their cyber exposures and what they can do to address them. This will now be a common software virus that can effect any insured no matter their size or occupation. 

This serves as a good opportunity to remind policyholders of the need to effectively patch applications and to ensure that their technology remains supported by the developer.

In the event of a Cyber claim or loss, contact Charles Taylor Adjusting via the following methods:

Phone Charles Taylor Adjusting in the first instance on 1300 004 880 or

Send an email to cyber@ctplc.com

If you would like further information on our Cyber Liability product or to obtain terms, please contact your local DUAL Underwriter.
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