Security

RansomWorms & Bad Rabbits made many WannaCry in 2017

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Author: Pelin Nancarrow, IRIS Asia Pacific, IBM Security

Destructive RansomWorms wreaked havoc globally and caused massive financial losses in 2017. Attacks such as WannaCry, NotPetya and Bad Rabbit contributed to an estimated USD8 billion cost to businesses last year, taking into account downtime, ransom payments and other impacts. But it wasn’t all bad news.

IBM Security announced the results from the 2018 IBM X-Force Threat Intelligence Index, which found the number of records breached dropped nearly 25 percent in 2017.

Although we witnessed a decline, the need to remain vigilant remains. Trends in Australia are in line with what we are seeing around the world. Globally we saw a 424% increase in records breached through misconfigurations in cloud servers.

But there are steps organisations in Australia can take to mitigate cloud configuration risks:

  • Conduct a proper risk assessment on the cloud deployment you or your organisation uses so you can first Notable cloud service misconfirguration incidents in 2017understand where/if there are risks that need attention.
  • Apply data confidentiality controls such as data encryption. If used effectively, this can minimise the impact in a case of leaked data.
  • For enterprise customers contracting the services of a cloud provider, embed your security policies into the contract to ensure cooperation from your vendor.
  • Use reliable threat intelligence sources, such as the IBM X-Force Exchange, to stay apprised of any new threats that may apply to your organization and help you re-assess risk.”

To learn more about what the X-Force team uncovered in their investigations, you can down load the report here.

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