Board members must be clear on how their organisation’s data and IT infrastructure is being protected from the growing ransomware threat—and whether to pay up in the event of an attack.
Ransomware is one of the most debilitating forms of cyber-attack, often catching companies unaware and ultimately causing them long-term financial and reputational harm. Unfortunately, in 2019 there has been a massive upsurge in large companies being targeted.
In one recent example a virus hit Johannesburg's City Power, the primary electricity supplier for South Africa's economic hub, encrypting all of its databases, applications and network. In another, Norsk Hydro announced that it is facing a price tag of £75m after recovering from a ransomware attack that froze staff computers and halted production lines.
Once ransomware takes hold
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The future of corporate reporting is a subject attracting much debate and activity in recent years. A new report from the ICAEW captures the views of key stakeholders, and finds that technology is central to the discussion.