# What You Need to Know About the Petya and WannaCry Cyber Attacks
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-07-28
Category: TECHNOLOGY
Category URL: https://financedigest.com/category/technology
Meta Title: Protect Your Organisation: How Cyber-Attacks Impact Finances
Meta Description: Learn how financial losses, data breaches and reputational damage from cyber-attacks can impact your organisation, and how to protect yourself.
URL: https://financedigest.com/what-you-need-to-know-about-the-petya-and-wannacry-cyber-attackshtml

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_**Sam Reed**, Chief Technology Officer at_ [Air IT](http://www.air-it.co.uk/)

Financial losses, data breaches and reputational damage are just some of the ways a cyber-attack can hit an organisation hard.

The Petya and WannaCrycyber-attacks in May and June are two of the biggest in history and impacted the finances of companies throughout the globe. A recent report by the [insurers](https://www.financedigest.com/different-countries-different-insurance-cultures-how-insurers-can-adapt-their-products.html "insurers") Lloyd’s of London said a major cyber-attack has the potential to cost as much as a natural disaster.

WannaCry, which affected numerous organisations, including the NHS, spread to 150 countries and is estimated to have cost the [global economy](https://www.financedigest.com/global-economy-collapse-just-one-click-away.html "Global economy collapse just one click away") £6bn.

Petya caused problems with shipping and invoicing for Neurofen manufacturers Reckitt Benckiser, who are expecting to make losses of about £100m as a result of the attack. Some of the world’s largest organisations including Cadburys and Oreo cookies manufacturer Mondelez were also affected by Petya.

A cyber-attack can also lead to a fine for a data breach – a prospect that will become even more real when the new General Data [Protection Regulation](https://www.financedigest.com/regulators-need-to-strike-the-balance-between-protection-and-strangulation.html "REGULATORS NEED TO STRIKE THE BALANCE BETWEEN PROTECTION AND STRANGULATION") is introduced in May 2018.

**How WannaCry and Petya worked**

To begin with, both attacks were referred to as [ransomware](https://www.financedigest.com/biden-orders-probe-of-latest-ransomware-attack.html "Biden orders probe of latest ransomware attack") attacks because they locked people out of their computers and demanded payment to let them back in.

Some cybersecurity [experts now believe](https://www.financedigest.com/from-implant-chips-to-green-web-hosting-heres-what-experts-believe-the-future-of-the-internet-will-look-like-2.html "From implant chips to green web hosting, here’s what experts believe the future of the internet will look like") Petya was not a ransomware attack because it was incredibly difficult to pay the hackers. Ransomware attacks usually make it very easy to make payment. They sometimes even offer step by step guidance and a help centre.

Instead, they believe the malware which they are now calling NotPetya, was designed to spread damage rather than collect money.They have suggested the attack may have been disguised as ransomware to make it appear to be criminal ledwhen it may have been state sponsored.

The malware initially spread through an accounting [program used by organisations working with the Ukrainian government](https://www.financedigest.com/government-backed-loans-exploring-fha-va-and-usda-loan-programs.html "Government-Backed Loans: Exploring FHA, VA, and USDA Loan Programs"). It [affected several](https://www.financedigest.com/outbreak-of-the-covid-19-pandemic-is-expected-to-severely-affect-the-global-packaging-and-labelling-services-market.html "Outbreak of The COVID-19 Pandemic is Expected To Severely Affect The Global Packaging And Labelling Services Market ") parts of the country’s infrastructure including banks, airports and railways. It then spread globally through phishing emails, which are disguised as legitimate communications but ask for sensitive information like passwords.

WannaCry and Petya both exploited the same vulnerability in the [legacy Microsoft operating](https://www.financedigest.com/holcim-supports-resolution-with-u-s-regarding-legacy-operations-in-syria.html "Holcim supports resolution with U.S. regarding legacy operations in Syria") system Windows XP andWindows Server 2003. Legacy [systems rarely have the necessary](https://www.financedigest.com/french-president-macron-reaffirms-that-pensions-system-reform-is-necessary.html "French President Macron reaffirms that pensions system reform is necessary") security updates, issued in the form of patches, to protect them from the latest threats. Attackers tend to exploit these shortcomings.

Due to the extent of the WannaCry attack, Microsoft didissue a patch for both platforms but some organisations delayed implementing it before Petya. In addition, up to date systems which hadn’t implemented a patch from March 2017 were also vulnerable to the attacks.

**How to protect yourself**

Petya and WannaCry reinforced the need to take two crucial protective measures – [updating legacy systems](https://www.financedigest.com/blood-thawing-systems-market-analysis-growth-opportunities-future-demand-and-leading-players-updates-by-forecast-2030.html "Blood Thawing Systems Market Analysis, Growth Opportunities, Future Demand and Leading Players Updates by Forecast 2030") and using patches to protect against new threats.

The importance of doing more to educate users on how to prevent malware spreading was also evident. All employees should be taught how to recognise suspicious emails. Ransomware usually needs users to carry out actions like clicking on a link, or downloading an infected attachment.

It is also impossible to overstate the importance of backing up data in [case you are hit](https://www.financedigest.com/covid-testing-rules-spark-christmas-travel-chaos-in-australia-as-cases-hit-records.html "COVID-testing rules spark Christmas travel chaos in Australia as cases hit records"). You can’t be held ransom for data you can access elsewhere.

To protect yourself effectively, or at least lessen the impact if you are hit, you need a layer of [cyber security](http://www.air-it.co.uk/cyber-security/) measures. The most fundamental ones are:

- Anti-virus software which needs to be kept up to date. Cloud based software is a good option because it’s always current.
- Anti-spam software to filter or block junk email, which is often used to instigate computer infections.
- Firewalls to prevent unauthorised access to your networks.
- Up to date systems which are kept protected using patches.
- An [additional DNS layer to protect](https://www.financedigest.com/antimicrobial-protection-additives-for-adhesives-market-incredible-possibilities-growth-analysis-and-forecast-to-2028.html "Antimicrobial Protection Additives for Adhesives Market Incredible Possibilities, Growth Analysis And Forecast To 2028") all devices, including phones and tablets, from malicious activities.
- Unified Threat [Management which combines a range of applications to carry out several security functions from one system](https://www.financedigest.com/bowel-management-systems-market-demand-and-competitive-analysis-by-leading-manufacturers.html "Bowel Management Systems Market Demand and Competitive Analysis by Leading Manufacturers").

Simple housekeeping measures like deleting old user accounts will also help you keep on top of your [cyber security](https://www.financedigest.com/the-future-of-cyber-security.html "THE FUTURE OF CYBER SECURITY"). Users should be restricted from having access to areas of your network which they don’t need. This will help prevent infections from spreading.

**The best time to protect yourself is now**

WannaCry and Petya may have mainly affected large organisations but [businesses of all sizes should protect](https://www.financedigest.com/fx-hedging-strategies-to-protect-your-business.html "FX hedging strategies to protect your business") themselves.

A [study by the Federation of Small Businesses](https://www.fsb.org.uk/media-centre/press-releases/small-businesses-bearing-the-brunt-of-cyber-crime) reported that small businesses are bearing the brunt of cyber crime. They found that 19,000 cyber crimes are committed against [small businesses](https://www.financedigest.com/small-businesses-and-scams-what-you-need-to-know.html "Small businesses and scams: What you need to know") in the UK every day. Although many small businesses are taking steps to protect themselves, security standards vary and more can be done.

[Cyber criminals are getting increasingly sophisticated and attacks are generally automated](https://www.financedigest.com/automated-cyber-risk-quantification-saving-the-insurance-industry.html "Automated Cyber Risk Quantification: Saving the Insurance Industry") now. Bots can be used to scanoperating systems for vulnerabilities so a mass attack that catches as many people as possible can be deployed.

This means you need to take [every](https://www.financedigest.com/insurance-that-every-individual-needs.html "Insurance that every individual needs…") step you can to protect yourself and you need to do it today. No one can predict when they might be attacked, so being prepared at all times is the best approach.


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