FedEx and Nivea were among the multinational corporations to experience material financial damage from the recent NotPetya ransomware attack, according to Reuters.
Other corporations that reported material financial damage from NotPetya included:
In addition, Cyence, a firm that specializes in cyber risk modeling, has estimated the economic costs of NotPetya total $850 million, Reuters reported.
What Is NotPetya?
NotPetya refers to malware that was used as part of a ransomware attack against global organizations on June 27.
The malware disguises itself as the Petya ransomware and demands about $300 in Bitcoin to unscramble hostage data, The Register reported. It uses a series of tools to gain administrator access on a computer and take control of other machines across a network, according to The Register.
Although many cybersecurity experts initially believed NotPetya was a form of Petya, antivirus software provider Kaspersky Lab noted the malware was "significantly different" from earlier versions of Petya. As such, Kaspersky in a blog post dubbed the malware "NotPetya."
NotPetya, Petya and other recent ransomware attacks highlight a global cybersecurity problem that continues to escalate.
How Deep Is the Global Ransomware Problem?
In fact, many global organizations have been affected by ransomware attacks, which is reflected in a recent study conducted by technology research firm Osterman Research and cybersecurity and anti-malware software company Malwarebytes.
Key findings from the "Understanding the Depth of the Global Ransomware Problem" study of 540 IT professionals included:
Ultimately, the end user is the biggest attack vector for cybercriminals, according to IT security company Sophos.
By educating end users about ransomware and other cyber threats, organizations can stop a cyberattack at its source, Sophos noted.
