Board preparation is key to fighting the ransomware threat
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.
Image: Nawadoln/Shutterstock
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
For thoughtful journalism, expert insights on corporate governance and an extensive library of reports, guides and tools to help boards and directors navigate the complexities of their roles, subscribe to Board Agenda
Related Stories
-
What’s next for corporate reporting: the technology question
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.
-
Global leadership on sustainability requires greener boards
Research into the top 100 public companies shows the right board composition can boost sustainability commitments and drive change.
-
Audit keeps failing—here’s why a fundamental change is needed
The frequency with which companies fail—seemingly without any warning signs—has grown in recent years, with Wirecard the latest example. Auditing needs reform.
