Ransomware Attack Sweeping the Globe

Updated:
July 12, 2018

Another global cyber attack was activated Tuesday, June 27, leaving companies across Europe, Australia, and the United Stated struggling to respond. This outbreak may be the most sophisticated of a series of attacks initiated after hacking tools were stolen from the National Security Agency and leaked online in April. Similar to the WannaCry Attacks in May, the most recent hack involved taking control of computer systems and asking users for digital ransom in order to regain access.

According to a spokesperson from Microsoft, the latest software update used to patch EternalBlue - the Windows software vulnerability that caused previous attacks - should protect against this attack. However, the companies affected may have failed to properly install it. As of Wednesday morning, the following companies had been affected:

  • ‍Ukrainian institutions that include the infrastructure Ministry, postal service, central bank and the country's largest telephone company
  • Russian oil company Rosneft
  • The world's largest container-shipping company AP Moller-Maersk
  • US pharmaceutical giant Merck
  • US food company Mondelez International
  • French bank BNP Paribas
  • French construction materials company Saint-Gobain
  • British marketing company WPP
  • German railway company Deutsche Bahn

Although the perpetrators of this outbreak are still unknown, computer specialists have noticed similarities between the ransomware used in this attack and last year's Petya attack. Like WannaCry, Petya is quickly spreading worm that affects vulnerable systems. Unlike WannaCry, Petya has multiple ways to spread. This could explain why even victims who applied the EternalBlue patch were affected.

If the most recent attack is related to Petya, it could be far more damaging than WannaCry. Unlike WannaCry, Petya lacks a kill switch to prevent it from spreading. Also, Petya locks and encrypts entire hard drives, while WannaCry only locked individual files.

At the time of this news brief, 30 victims had paid the bitcoin ransom of $300, according to online records, but it isn't yet clear whether they've regained access to their systems. Complicated matters, German email provider Poseo shut down the email account of the hackers in a move that could make it impossible for hackers to restore their victims' computer access once the ransom is paid.

Scrivens will continue to monitor the situation. Contact us if you have any further questions regarding how you can avoid disruptive business interruptions from cyber attacks.

FAQs

What is financial advising?

Financial advising involves providing guidance and advice to individuals, families, or businesses to help them make informed decisions about their financial matters. This can include various aspects such as investment planning, retirement planning, tax planning, estate planning, and more. Financial advisors analyze their clients' financial situations, goals, and risk tolerance to create customized strategies that align with their objectives.

Why is financial planning important?

Financial planning is crucial for several reasons:

Goal Achievement: It helps individuals set and achieve financial goals, whether they are short-term, such as buying a home, or long-term, like funding a comfortable retirement.

Risk Management: Financial planning addresses risks by considering insurance, emergency funds, and other protective measures.

Budgeting and Saving: It promotes responsible money management through budgeting and saving, fostering financial stability.

Wealth Building: Effective financial planning can lead to wealth accumulation and the creation of a secure financial future.

Can financial advisors help with debt?

Yes, financial advisors can help with debt management. They can assess your overall financial situation, create a budget, and develop strategies to pay down debt efficiently. They may also negotiate with creditors on your behalf, provide debt consolidation recommendations, and offer guidance on prioritizing and managing debt repayment.

What exactly does a financial advisor do?

The specific responsibilities of a financial advisor can vary, but generally, they:

  1. Conduct a thorough analysis of a client's financial situation, including income, expenses, assets, and liabilities.
  2. Develop personalized financial plans based on the client's goals, risk tolerance, and time horizon.
  3. Provide investment advice and portfolio management services.
  4. Offer guidance on retirement planning, estate planning, tax planning, and insurance.
  5. Monitor and adjust financial plans as needed based on changes in the client's life or market conditions.
  6. Educate clients on financial matters and empower them to make informed decisions.
What is the average fee for a financial advisor?

The fees charged by financial advisors can vary widely based on factors such as the advisor's experience, the services provided, and the region.

Common fee structures include:

Hourly Fees: Advisors charge an hourly rate for their services.
Flat or Fixed Fees: A set fee is charged for specific services or a comprehensive financial plan.
Asset-based Fees: Fees are a percentage of the assets under management (AUM).
Commission-based Fees: Advisors earn commissions on financial products they sell.
Combination of Fees: Advisors may use a combination of the above fee structures.

It's important to discuss and clarify fee arrangements with a potential financial advisor before engaging in their services.