Cyber attacks hit hard

Cyber attacks hit hard

The recent cyber attacks with the Peytra virus, also known as ransomware, had a significant impact on businesses worldwide. Also business within the shipping and logistics industry were hit by the cyber attack, and had to deal with a major impact to their operations.

TNT Express (part of FedEx) was one of those companies, and experienced a heavy disruption to their services. It caused widespread service delays, loss of revenue, and additional costs to execute contingency plans and remediate affected systems.

Also Maersk was hit by the Peytra virus which shut down their IT systems. It impacted the operations at a number of container terminals including the one in Rotterdam. No cargo could be processed and goods could not be transported. It’s estimated that the financial impact runs into hundreds of million Euros.

These are just two examples of businesses that were hit by the ransomware. These attacks show just how vulnerable companies can be and how unprepared we are for these sort of events, even in these digital times. And although the last attack struck hard, the impact is not that of an attack on for example a cloud provider. Such an event could lead to enormous economical damage according to Lloyd’s recent analysis, with billions worth of damage.

These attacks should be seen as a warning for all, showing the importance of good IT security and relevant knowledge to prevent or overcome an attack. By assessing the risks, setting budgets for additional IT support, and improving security of your IT infrastructure you can prepare your business to potential threats. Another key factor is making sure you keep your staff informed. Sustainably addressing cyber risk requires an organisation wide and a cross functional approach but doing so will create awareness and alertness. As handling cyber attacks is a company wide concern, make sure everyone know what to do in case of a threat situation. Practising incident response can create a good understanding of how an attack can unfold, the range of potential impacts, and the individual roles during a response, including communicating with shareholders, employees and customers.