Perhaps the most concerning trend is that some ransomware is not, in fact, ransomware. Some experts have determined that the ExPetr “ransomware” exists solely to wipe hard drives and permanently erase data.

Anton Ivanov and Orkhan Mamedov of Kaspersky labs commented, “First of all, this is the worst-case news for the victims – even if they pay the ransom they will not get their data back. Secondly, this reinforces the theory that the main goal of the ExPetr attack was not financially motivated, but destructive.”

Others have asserted that this type of cyber weapon is most likely the product of state-sponsored actors, creating significant questions regarding the actions of foreign governments, including their insurability.

While many companies are not yet willing, and in many cases not required, to disclose these losses publicly, many companies have faced significant financial impact from recent widespread cyberattacks, both via traditional ransomware and the newer wipers.

How to protect your business against Ransomware.

Obviously, there is no simple answer, but stronger protection comes from the following best practices:

· Have analytics and intelligence in place

· Be ready with an incident response team that is trained for a breach

· Use encryption to safeguard your data

· Host employee training to guard against human error

· Create a business continuity team so you can stay up and running

· Have board-level involvement; make a plan of what to do and how to execute

Another valuable best practice is to consult with your Hays representative. We have specialists with years of experience helping businesses like yours with the most sophisticated cyber protection. As always, we are readily accessible and versed in developing action plans that will protect you from ransomware and any other type of cyber attack.

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