Articles Tagged with cyber-attack

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Every single industry or business in this day and age has either been the victim of a cyber attack or is concerned they will be next. A few examples from the last couple of months show how widespread the problem is. In June, a global ransomeware attack quickly spread across 64 countries, impacting organizations from law firms, banks and governments to food producers and hospitals. The attackers demanded $300 in Bitcoin—approximately $977,000 U.S. dollars in total—from each victim to unlock their data. At the annual DefCon computer security conference in late July, hackers took less than 90 minutes to hack voter-ballot machines and at least one hacker even broke into the system wirelessly, suggesting that U.S. computer-ballot boxes may be susceptible to attack.

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The costs and penalties associated with a cyber attack or data breach should not be underestimated. For example, NPR recently calculated the average cost of a health care breach at more than $2.2 million, “not to mention the reputation damage.” And the FCC recently ordered AT&T to pay $25 million in connection with the exposure of more than 250,000 U.S. customers’ information.

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On May 12, 2017, a massive ransomware cyber-attack infected over 100,000 computers in more than 150 countries. This malware, a Trojan virus known as “WannaCry,” encrypts files, and then Cyber2-300x225threatens to destroy them, unless the victim pays a ransom. Colleagues Jamie Bobotek and Peri Mahaley opined about this recent attack and stress the necessity to take the time now to review and confirm your cyber-privacy insurance in a Pillsbury client alert.