NotPetya Cyberattack Costs: FedEx, Nivea Suffer Material Financial Damage
Other corporations that reported material financial damage from NotPetya included:
- Beiersdorf: The German consumer products provider attributed a financial shortfall in the first half of 2017 to shipping and production delays related to computer and system outages caused by NotPetya.
- Maersk: The integrated transport and logistics company said its worldwide operations were affected by NotPetya.
- Mondelez: The Cadbury chocolate maker reported a 5 percent drop in quarterly sales due to shipping and invoicing problems caused by NotPetya.
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:
- Nearly 80 percent of organizations have been the victim of a cyberattack during the past 12 months, and nearly 50 percent have been the victim of a ransomware attack.
- More than 50 percent of IT decision-makers consider ransomware to be a “concern” or “extreme concern.”
- Ransomware was most likely to enter an organization through a desktop computer and least likely to enter through a smartphone or tablet.
- Email was the most likely attack vector for ransomware.
- Mid-level managers and senior executives are disproportionately affected by ransomware.
By educating end users about ransomware and other cyber threats, organizations can stop a cyberattack at its source, Sophos noted.