‘Wannacry’ ransomware attack estimated at $4 billion in losses

http://news.google.com/news/url?sa=t&fd=R&ct2=us&usg=AFQjCNEzrrFJcpL7lZYcGdWeuaStLa5ViA&clid=c3a7d30bb8a4878e06b80cf16b898331&cid=52779496388104&ei=b8saWfjCMIjoqAKU0JDACg&url=http://www.cbsnews.com/news/wannacry-ransomware-attacks-wannacry-virus-losses/ Global financial and economic losses from the "WannaCry" attack that crippled computers in at least 150 countries could swell into the billions of dollars, making it one of the most damaging incidents involving so-called ransomware.

Cyber risk modeling firm Cyence estimates the potential costs from the hack at $4 billion, while other groups predict losses would be in the hundreds of millions. The attack is likely to make 2017 the worst year for ransomare scams, in which hackers seize control of a company's or organization's computers and threaten to destroy data unless payment is made.

In 2016, such schemes caused losses of $1.5 billion, according to market researcher Cybersecurity Ventures. That includes lost productivity and the cost of conducting forensic investigations and restoration of data, said Steve Morgan, founder and editor-in-Chief of Cybersecurity Ventures.

"The massive WannaCry attack will be a major contributor" to those losses he said in an email to CBS MoneyWatch.

Cybersecurity firms report a spike in concerns from customers worried about WannaCry since reports of the malware infecting computers surfaced this weekend. Indeed, security companies saw their stock price rise after news of the hack.

While the potential losses from reduced productivity and efforts to mitigate the damage from WannaCry are expected to be significant, the actual ransom collected through the attack is likely to be modest. Cybercriminals behind the scam are typically demanding $300 in Bitcoin to unlock a company's computers.

Matthew Anthony, vice president of incident response at security firm Herjavec Group, said that as of Friday the total amount paid by victims to regain access to their information systems was under $100,000. In part, that's simply because of the logistical complications involved in paying ransom to unlock thousands of computers within the short time frame demanded by the hackers behind the WannaCry attack.

"Most of the organizations won't pay," he said. "They will rebuild and recover from their backups or other sources."

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About Kelvin Ching

I'm a professional Forex trader and I have been trading for over 7 years. I was a series 3 broker and a registered CTA with the NFA, the main regulatory agency in the United States, and I have been involved at the highest levels in commodity trading. I also have a background in Information Technology, graphics design, and programming... I'm the co-founder of CurrencyNewsTrading.com, a site dedicated to fundamental analysis and news trading.

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