Wayne Olsen, Managing Executive: Cyber Security, BCX.
The chances of falling victim to a ransomware attack are virtually 100%, but few organisations have planned adequately for what to do after an attack.
This is according to Wayne Olsen, Managing Executive Cyber Security at BCX, who says with risk on the rise and a successful attack a given, what to do after the ransomware attack should be a top priority. “This is particularly true for the financial services sector, which is among the top targets of cyber criminals,” he says.
The guidelines that manage the financial service sector are strict, for good reason, Olsen says. “Companies within this sector are under immense pressure to remain secure against constant attacks. One unexpected vulnerability or user error can reduce an organisation to data rubble, or permanently ruin its reputation. The financial services sector suffers the most expensive breaches because it is the most lucrative and juiciest of targets. For example, a global financial corporation in the insurance industry paid hackers $40 million in March this year – described as perhaps the biggest ransom payment ever. This makes collaborating with a trusted partner that specialises in security a smart move for a sector that needs absolute vigilance and compliance.”
Olsen adds: “In all the breaches we have assisted clients with this year, bad basic cyber hygiene has been the root cause of every attack. The attackers were able to elevate privileges across each organisation with ease once they had established a beachhead. We need to remember, the device that was patient zero is never the intended target and, in fact, in many of the cases, the attacker doesn’t know what the target is. Being able to move freely across the network undetected allows them to identify critical targets and th ..
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