The latest cyber-attack, Petya ransomware, hit several organizations across the globe, wreaking havoc for businesses and customers equally. Researchers and cyber security heads have termed it more malicious as compared to the WannaCry Ransomware attack that hit global businesses and government organizations earlier this year. This current cyber-attack has been touted to have caused widespread damage, crippling firms, airports, banks and government departments across the globe including countries like Ukraine, Russia, Europe, Middle East and the United States among others.

The Petya cyber-attack has brought businesses across the world to a halt, including the Ukrainian government, banks, state power utility and Kiev metro among many others. At Chernobyl site, the nuclear radiation monitoring system was shifted to an offline mode compelling the employees to gage the levels manually.  Apart from these, the Danish shipping giant Maersk Line was hit by the recent cyber extortion, disrupting business worldwide as it could not only not accept new orders but also was unable to process existing cargoes. Meanwhile, the Netherlands based express delivery giant TNT Express was also affected by the Petya cyber-attack disrupting its delivery and communications network. The advertising giant WPP, food giant Mondelez and legal firm DLA Piper were among the several organizations hit by the Petya ransomware attack.

What is Petya Ransomware?

Basically, a ransomware is a kind of cyber-attack that locks you out of your system, holding all the data and digital files ransom, and returns the access only after the specified payment is made. Petya ransomware, on the other hand, is a much more malicious virus that not only locks the files but also the entire system, making it difficult to recover information. This way hackers can steal sensitive information and organizations often become victims of data theft even after they have paid the necessary ransom money. However, some experts believe that the Petya cyber-attack is not a ransomware but instead it is a wiper, far more malicious than the former one.

Cyber Attacks and Procurement – What’s the impact?

The recent cyber-attacks – WannaCry and Petya attack – have been termed as two of the biggest and disruptive ransomware attack in world history. These cyber-attacks have caused organizational breakdowns and enabled businesses to identify the existing loopholes and take necessary actions to mitigate potential risks. It is a known fact that procurement function entails large amounts of sensitive information such as the organizational spend data, vendor details, pricing and invoicing decisions. If leaked, an avalanche of such information can cause mayhem in the global market. It is extremely important for the procurement function to adopt cyber security measures within its daily procurement processes and activities. It is also essential for the procurement professionals to stay updated on the latest trends and developments in cyber security.

Ensuring Procurement Security in the Times of Petya Cyber Attack – How?

Organizations have realized that their businesses are highly vulnerable to such cyber-attacks and therefore are taking steps to protect themselves. As a result, the global cyber security market has witnessed an increase in investments. Procurement managers can select from a wide variety of cyber-security solutions available in the market depending on their level of data sensitivity and business processes. However, organizations are discouraged from paying the ransom money, as there is no guarantee that the files will be returned without compromising the authenticity of the data. It is advised that organizations should back up the information regularly, and try restoring these files or use tools to recover lost information.

SpendEdge helps organizations to stay updated on the latest developments in the cyber security space, gain actionable insights by choosing the right information security solutions and develop plans with the suppliers and third party vendors to implement said security plans.

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