Small businesses should be particularly wary following the global ransomware attack that crippled businesses globally, an expert has said.
The ‘WannaCry’ cyberattack, which was launched over the weekend, hit around 200,000 firms in 150 countries and highlighted the importance of cyber mitigation and insurance as a downloadable patch could have protected many.
Leon Fouche, national leader for cyber security at advisory firm BDO, said that small businesses are the ones that need to remain vigilant as the aftermath of the attack dissipates.
“Small businesses are an easy target for criminals as they don’t have IT teams to look after their environments and often pay the ransom to get their systems and data back,” Fouche said. “Any attack would immediately damage their reputation – to a point where they could have to cease trading overnight.”
Andrew Faber of Arthur J.
Gallagher Insurance Brokers in Sydney’s Parramatta noted that the attack highlighted the vulnerability of small businesses to cyberattacks if they fail to stay on top of the issue.
“Australia got off comparatively lightly from this attack, but the sheer speed by which the ransomware spread should be enough to place this issue at the front and centre of business owners across the country,” Faber said.
A recent BDO/AusCERT survey found that nearly a quarter of organisations surveyed had suffered a ransomware attack in the last year.
Faber stressed that while cyber insurance will not stop an attack, it should form part of an approach to mitigate cyber threats.
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