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CYBER INSURANCE PERHAPS ISN’T THE ANSWER
In June 2017, a ransomware cyber attack spread through Europe and the US affecting companies such as advertising giant WWP, law firm DLA Piper, Danish shipping and transport giant AP Moller Maersk and Mondelez, a multinational confectionery, food and beverage company. The attack, known as NotPetya, has caused billions of dollars of damage to companies, and according to US and UK authorities, Russian hackers in attempts to attack the Ukrainian government, are to blame. What is NotPetya? NotPetya was at first thought to be an advanced variant of encrypting ransomware first identified in 2016. It was created to attack Microsoft Windows-based computers by infecting the master boot record to execute a payload that encrypts a hard drive’s file system table. This prevents the machine from booting and consequently, the user is shown a message demanding payment in Bitcoin to regain access to their system. However, unlike Petya (2016 variant), NotPetya spreads rapidly from computer to computer and network to network without requiring spam emails or social engineering to gain administrative access.
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