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27 October 2017 | Duff & Phelps - Is 2017 The Year of Malware Mayhem?

For the second time in as many months, a piece of ransomware software has crippled the systems of dozens of companies worldwide, proving the importance of having an effective Incident Response Plan (IRP) and consistent backup schemes.

On the 12 May 2017, the WannaCry ransomware infection compromised over 200,000 systems in 150 countries worldwide, much of which occurred within 24 hours of the initial reported infection. The UK's NHS was severely affected by this outbreak, as were FedEx, Telefónica, and Russia's Interior Ministry. While the costs related to a cyberattack are difficult to estimate, some experts have suggested the economic impact of WannaCry could exceed U.S.$4 billion.

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