Wannacry Ransomware Attacks Should Be A Wake-Up Call For Cybersecurity Diligence

Last week's massive ransomware attack should serve as a wake-up call that companies across all industries and regions must take the threat of global cyber attacks seriously.  Although investigators are still uncovering details, three key lessons have emerged for businesses seeking to protect themselves.  First, ransomware attacks are going to become much more common.  Second, the attack might have been prevented if companies had been more diligent about implementing basic cybersecurity practices, such as patching software vulnerabilities and training staff to detect phishing emails, i.e., emails that appear legitimate but contain links or files that deploy computer viruses if opened.  And, third, companies that fail to take reasonable measures to prevent attacks might find themselves to be the subject of costly regulatory enforcement actions or private litigation.