The latest cyberattack that happened on June 28th, that’s being dubbed as “Goldeneye” or “Petya” by researchers, is costing billions of dollars in losses to companies around the world. The virus had spread to 60 countries, though most of those affected were in the Ukraine.
Research firm Cyence, which specializes in risk-modeling, estimates that the Petya attack, together with the WannaCry ransomware that struck in May, will likely cost $8 billion in economic losses. Just like WannaCry, Petya encrypted data in computer networks and demanded $300 in exchange for the data. According to a Reuters report, however, security experts said the ransom demand was just a cover for the virus’ real purpose: to wipe data from computer systems in the Ukraine. They also suspect the attack was likely state-sponsored.
Massive, global cyberattacks are not new. Some attacks are obviously meant as heists. In 2013, hackers breached the blockchain of Bitcoin company Mt. Gox and stole an estimated $460 million worth of Bitcoins. Today that amount is valued at $568 million. In 2013 as well, retail chain Target said that hackers made off with $148 million after a breach. These heists make the 2014 hacking of Sony look like peanuts. After a hacking of Sony’s movie and entertainment division, the company said it lost at least $15 million.
One of the major cyberheists happened to the Bank of Bangladesh in 2016 when $81 million was stolen. Experts now believe that the heist was state-sponsored, although there’s been no official word on which state was responsible.
Quoting a report from market research firm Cybersecurity Ventures, INC said that cyberattacks cost businesses some $400 billion a year. The dangers of hacking, however, go beyond monetary. When hackers steal personal information, it compromises the safety of millions of people.
Hackers today can access all sorts of devices, from automobiles to cellular phones, gas pumps, and even toys. One example was in 2014, when hackers took control of the entire system of Cherokee Jeeps, including the onboard computer, engine, and brakes. Cherokee recalled 1.4 million vehicles in response.
The most frightening cyberattacks are those where hacking gets weaponized. In 2009, the U.S. and Israel hacked into Iran’s nuclear power plants. The plants were shut down as a result but frighteningly, the virus nearly caused explosions in the nuclear facilities, and also spread beyond Iran.
The WannaCry attack was also likely a weaponized hack. According to a CNN Money report, intelligence agencies are saying North Korea unleashed the virus. As for Petya, Ukraine is blaming Russia for it.
Tips for expats to set up businesses in foreign countries
The landscape for rental cars is changing — here’s why
Is the recession upon us? Think global synchronized bond collapse
What is hardware inventory software?
Stock market crash advice for robo-advisor investors
Cannabis acceptance grows as hemp industry leader PotNetwork Holding breaks CBD sales records
This fast-growing organic products stock already has space on Whole Foods’ shelves
Why Vapor Group Inc. might be the breakout penny stock you’ve been looking for in 2018
The CBD industry is enjoying a boost from the lifestyle sector
When you should consult your financial advisor
Promoting women’s football in Malta by UEFA projects
Euro NCAP marks its 20th anniversary with two crash tests
European Parliament’s International Trade Committee backs CETA
The American Heart Association has released four new PSAs
PwC presents 20th global CEO survey results in Switzerland
Crypto3 days ago
Could Global Blockchain Technologies change the way we invest in cryptocurrency?
Featured3 days ago
This hemp market player’s growth is about to go into overdrive
Crypto3 days ago
One of America’s oldest gold mines enters the crypto-century
Featured4 days ago
CBD stocks emerge strong in the growing cannabis industry, marijuana legalization
Featured4 days ago
The gig economy has matured — when will the business world catch up?
Business3 days ago
Why is it becoming harder for millennials to be homeowners?
Business5 days ago
Google tests new Reply app
Agriculture3 days ago
The benefits of supporting sustainable palm oil