News & Insights

Cyber Attack Simulation | Our data is held hostage, now what?

Published 13 July 2021

Ransomware attacks against Australian businesses are on the rise. Any business that stores digital information is at risk. The size and sensitivity of information held by an organisation is immaterial – if a cyber-criminal can put a hold on business-as-usual activities, they have motivation to deploy ransomware.

As the amounts demanded in ransom are increasing, so too are the financial impacts of a cyber attack, according to Sophos Lab, more than doubling over the past year from US$761,106 to US$1.85m in 2021. The aftershocks of a ransomware attack are also far reaching and involves both the target business and external parties such as clients, business partners and supply chains.
 

For the victims of ransomware there are many questions

  • Do we just pay the ransom?
  • What type of ransomware is it?
  • Is the hacker is still in my network?
  • Do I have any legal obligations?
  • Who is available to help?
  • Who will negotiate?
  • How long will this last?
  • When and what should we tell our clients?

Unfortuantely, there are no easy or simple answers. How your business reacts to frozen systems and a ransom demand will very much depend on how prepared your business is for this eventuality.

Cyber Attack Simulation

Cybersecurity threats are a risk that all businesses need to face into. To assist our clients when thinking strategically about their response to a ransomware attack, Micheal Herron, Head of Financial and Professional Risk at Gallagher, Robyn Adcock Cyber our Cyber Practice Leader and Reece Corbett-Wilkins Partner at Clyde&Co ran through a simulated cyber attack, talking attendees through decision points prior to, during and after a ransomware attack. This informative webinar covers the current trends in cyber threats for Australian business and how you can help minimise, mitigate and transfer ransomware risk.

Further reading

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Gallagher provides insurance, risk management and benefits consulting services for clients in response to both known and unknown risk exposures. When providing analysis and recommendations regarding potential insurance coverage, potential claims and/or operational strategy in response to national emergencies (including health crises), we do so from an insurance and/or risk management perspective.
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