“WanaCrypt0r 2.0” or “WannaCry,” an unprecedented global ransomware cyber-attack recently hit over 200,000 banking institutions, hospitals, government agencies, and other organizations across more than 150 countries. The ransomware encrypted user data, and demanded a payment in bitcoins to unlock the data. The companies that were hit included Telefonica - Spain's largest telecom provider, more than 16 hospitals in England's National Health Service (NHS), US package delivery company – FedEx, and many other high profile targets.
Across the world, cyber-attacks are on the rise. CSO magazine cited the FBI as saying that $209 million had been collected in ransomware payments in the first quarter of 2016 alone. These attacks illustrate how unprepared most organizations are to counter the growing menace of cyber threats. Many large organizations still use unsupported or older versions of software, encounter significant delays in patching vulnerabilities, and perform fewer automated backups, thereby putting themselves at grave risk. As the scale and impact of cyber-attacks grow, it is imperative for CIOs, CISOs, and other business leaders to diligently address basic areas of cybersecurity to avoid disruptions in their critical business operations.
