Petya, WannaCry Cyber-attacks cost $8bn – Report
Risk-modeling firm Cyence said economic losses from recent attack and one last month from a virus dubbed WannaCry would likely worth a total $8 billion.
The estimate is an indication the sudden challenges businesses around the globe face from growth in cyber attacks that knock critical computer networks offline.
A computer virus wreaked havoc on firms around the globe recently, as it spreads to more than 60 countries, disrupting ports from Mumbai to Los Angeles and halting work at a chocolate factory in Australia.
“When systems are down and can’t generate revenue that really gets the attention of executives and board members. This has heightened awareness of the need for resiliency and better security in networks,” said George Kurtz, chief executive of security software maker, CrowdStrike.
According to national police and cyber experts, the virus, which researchers are calling GoldenEye or Petya, began its spread on Tuesday in Ukraine. It infected machines of visitors to a local news site and computers downloading tainted updates of a popular tax accounting package.
It shut down a cargo booking system at Danish shipping giant A.P. Moller-Maersk (MAERSKb.CO), causing congestion at some of the 76 ports around the world run by its APM Terminals subsidiary.
Maersk said late on Wednesday that the system was back online: “Booking confirmation will take a little longer than usual but we are delighted to carry your cargo,” it said via Twitter.
U.S. delivery firm FedEx said its TNT Express division had been significantly affected by the virus, which also wormed its way into South America, affecting ports in Argentina operated by China’s Cofco.
The malicious code encrypted data on machines and demanded victims $300 ransoms for recovery, similar to the extortion tactic used in the global WannaCry ransomware attack in May.
Security experts said they believed that the goal was to disrupt computer systems across Ukraine, not extortion, saying the attack used powerful wiping software that made it impossible to recover lost data.
“It was a wiper disguised as ransomware. They had no intention of obtaining money from the attack,” said Tom Kellermann, chief executive of Strategic Cyber Ventures.
Brian Lord, a former official with Britain’s Government Communications Headquarters (GCHQ), who is now managing director at private security firm, PGI Cyber, said he believed the campaign was an “experiment” in using ransomware to cause destruction.
“This starts to look like a state operating through a proxy,” Brian Lord said.
By Tony Nwakaegho
