Organizations around the world react to the massive computer virus attack.

One of the largest-ever computer virus attacks, which at the time of writing is said to have hit more than 200,000 computers in at least 150 countries, has once again raised a red flag about the need for organizations such as wealth managers to protect themselves.

Organizations such as the UK’s National Health Service, for example, saw hospital operations and doctor consultations cancelled because of the disruption. Germany’s Deutsche Bahn railroad suffered attacks on train stations’stations’ electronic departure boards. FedEx, the US shipping firm, was hit. In the past, hackers have broken into JP Morgan and the Internal Revenue Service, among others. The issue has become a serious concern for bodies such as family offices and banks; this publication has published advice to such entities on how to react. See an example here.

For some firms, however, there is a benefit from all the trouble: demand for protection services. Companies such as FireEye Inc. that provide software security services gained on the stock market yesterday because it was assumed there will be a large rise in security spending. According to Bloomberg, the $967 million PureFunds ISE Cyber Security exchange traded fund, known as "HACK", jumped the most in six months. A few days' ago, as reported by FWR, a venture capital fund focused on cybercrime raised, Allegis Capital, has added to its board a senior figure from the security and technology industry. This whole area promises to become even more vigorous.

Hackers exploited malicious software, known as Eternal Blue, stolen from the US National Security Agency last year.

“The cyber infection, known as WannaCry, a form of the malicious software ransomware, was designed to hold infected hard drives hostage and display messages demanding ransom, in this case $300, in return for the unlocking of stolen files. While the computer worm has been slowed thanks to the efforts of a British threat intelligence researcher, security experts have warned the release of a new version of WannaCry could be imminent," Thomas Fitzgerald, associate fund manager at EdenTree Investment Management, wrote in a note.

“The scale of this ransomware attack underscores the vulnerabilities of the global digital economy. The attacks raise significant questions about whether or not countries that are developing and stockpiling cyber weapons can do more to protect those tools from being stolen and turned against their own population. The WannaCry attack is likely to be a catalyst for more of these types of cyberattacks from copycat criminal organizations," he said.

Vijay Michalik, industry analyst for digital transformation, Frost & Sullivan, the market research and consultancy, said: “Last week's large scale ransomware infection is a clear sign of the escalating challenges facing cybersecurity. In the biggest ransomware outbreak so far, over 100.000 computers are believed to have been infected from Russia to Taiwan, including in institutions such as Telefonica, FedEx, Deutsche Bahn and the NHS.”