3 critical steps

Beyond addressing technical issues, businesses should consider these three lessons from the WannaCry attacks:

Build resilience through cyber response exercises. WannaCry was a novel piece of malware whose speed and impact were hard to anticipate. Firms should build flexibility, speed, and adaptability into their event-response capabilities. Test, test, and re-test your cyber response plan across your organization, and identify specialized resources and expertise as you do so. Assess new event scenarios — like complex ransomware threats — so you can quickly adapt to fast-moving events.
Update your risk modeling. Re-think the potential scenarios that could affect your operations, then work with business leaders to consider the potential operational and financial impacts. That can help you evaluate second- and third-order consequences — such as supply chain disruptions and associated financial costs — and determine which risks demand the most focus.
Review and update your cyber insurance program. Networks will continue to become more connected and businesses more dependent on data-sharing. Every business that relies on technology — and most do — should take a fresh look at their cyber insurance program. You should update policies as needed to provide coverage for business interruption and cyber extortion, and re-evaluate program limits in the face of catastrophic scenarios.

Ransomware and other evolving threats will increase in frequency and sophistication. Firms need a comprehensive cyber risk management strategy — including economic risk modeling, optimized cybersecurity and cyber insurance programs, and resilient cyber response capabilities, to ensure a quick, effective response and a timely return to normal operations.

Special Reports /

WannaCry means gotta act: Lessons in ransomware's wake

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