+34 96 646 2875
Continental Wealth Management
Partida Alqueria Ferrando s/n
(La Sella Golf Resort)
Phone: + 34 96 646 2875
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Continental Wealth News Bytes
Just a few months ago very few companies were too concerned about Cyber attacks. Many viewed it as the preserve of the geek shut away in some garret and hacking into systems just for the fun of it.
Using software techniques garnered from the US Security Agency the perpetrators sent code into a random selection of high profile computer systems.
These included the UK National Health Service and Telelefonica in Spain.
The resulting chaos was undoubtedly exactly what was planned and hoped for.
were activated, these files were locked away.
So at that the end of the saga?
Is it likely that a group of criminals sitting in some undetectable location and demanding secure payment for merely releasing some computer code will just go away?
One of the side effects of the WANNACRY attack is that many major companies have increased their insurance cover, and by significant amounts, as they begin to appreciate the potential devastation that could be caused to their business in the event that their computer systems become inoperable.
There is now a risk that the next attack could be perpetrated on a Cloud provider. In this scenario the attacker releases his Ransomware code into the cloud base and waits for it to be spread amongst resident files, this could mean several thousand organisations being attacked by one single route.
The result could be catastrophic and whilst many companies increase their insurance cover Lloyd’s of London believe that most could still be substantially under-
This major insurance centre has close to 25% of the cyber insurance cover and they acknowledge the veracity of reports that suggest that a global cyber attack could result in damages exceeding $120 billion.
This will inevitably cascade down to the general populace in terms of increased costs due to the equally inevitable increases in order to cover the insurance premiums.
In the meantime it is hoped that the Goodies win the race as it is already too late to start thinking about upgrades and patches that were ignored due to cost constraints, the Baddies have gone beyond that level, as an indication of the seriousness the UK Government has agreed to allocate £21m to strengthen their cyber resilience, it looks like a sizeable sum until you compare it to the potential losses.
In the meantime Continental Wealth is ahead of the field in ensuring the safekeeping of our data.
There have been no successful attempts to breach our security and that includes those who were contracted to attempt to do so.
For the best investment advice, whatever your circumstances you should contact CWM and we will be pleased to discuss how you can create Strength and Stability in your financial endeavours.
In safe hands at CWM
All views and opinions are those of the author and may coincide or differ from those of CWM and their employees.
The Goodies (in the white hats) are working with equal feverishness to ensure that the walls become impregnable and the data behind the walls are held securely and safe from tampering.
As the panic settled down some of the best minds were set to work in an attempt to thwart the kidnappers. And within a few days a solution was discovered and implemented.
Furthermore it was quickly discovered that the people behind it were not shaggy bearded techies but a group of Cyber criminals who, having gained access to the various computer systems then encrypted the files therein and demanded a ransom in order to decrypt them.
Two teams are currently racing neck-
The Baddies (they will be wearing black hats) are feverishly tapping out new computer algorithms which will by-
All of this is of passing interest to the onlooker but it also has a significant knock-
Why will this affect me?
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