New Cyber Risk Management Report Finds Malware Attack Could Cost US up to $89B
Hikvision Covers SecurityInfoWatch.com: Five Tips to Prevent Ransomware
A new report from the Cyber Risk Management (CyRiM) project found that an international attack from ransomware—a type of malware—could cost the U.S. up to $89 billion, according to an article in SecurityInfoWatch.com.
The report explores the impact if almost 30 million devices worldwide were infected with malware that threatened to destroy or block access to files until a ransom is paid.
From the article: “The cyberattack–which launches through an infected email, encrypts data on every device connected to the network, and has the potential to spread quickly around the world–causes damages at 600,000 companies, ranging from premier institutions to small businesses. The catastrophic losses in the U.S. result from a combination of reduced productivity and consumption, IT clean-up costs, ransom payments and supply chain disruption.”
The CyRiM project is led by Nanyang Technological University in collaboration with industry partners and academic experts including the Cambridge Centre for Risk Studies and Lloyds of London.
To read more about malware attacks using ransomware, click here to read the Hikvision blog “SecurityInfoWatch.com Provides Five Tips to Prevent Ransomware.” Tips include updating anti-virus software and training employees to identify phishing attempts and avoid unknown attachments and links in emails