Upcoming Ransomware Attack Can Cause $200bn Loss to Users

A Global Ransomware Attack Could Cause $200bn Loss

It has been more than two months to our prediction; ransomware is emerging as the widely used tool to conduct worldwide cybercrime. According to the reports, a theoretical catastrophic attack is modeling up which could cause a global economic loss of $200bn.

Most of the organizations across the world are still unprepared to face the consequences of the attacks from ransomware. The report also set out, how the cyberattackers learned from the mistakes of their past attacks.

Now they are trying to make their attacks and ransomware campaigns, “the most infectious of all time.” No matter how companies would choose to deal with future attacks but due to any cyber incident damage, business interruption, lost revenue, and a decrease in productivity will rise by the end of 2019.

Since May 2017, over last 18 months, WannaCry and NotPetya ransomware have spread rapidly across the networks. The attack pattern is so evident in the minds of its developers that attackers would attack any country, anytime to extort money and cause havoc.

Aftermath of NotPetya ransomware attack reveals that the damage cost of each device is near to $350. On the same side, WannaCry caused a total damage of $4 billion.

CoinHive, WebCobra and DarkGate are the latest miner malware that uses your computer as host and mines cryptocurrencies like Bitcoins, Monero and Zcash. Also, functions like a global ransomware attack could do.

The success of all these targeted attacks will directly inspire the authors of cybercrime to develop, target and attack more, such that it would make countries fight each other in cyber warfare.

Consequences of any catastrophic ransomware attack are with organizations, healthcare, retail, IT businesses, etc. in all the sectors who perform day-to-day operations. And yes we can’t forget home-based computer systems.

Also, Read: Compelling Reasons to Invest In Cyber Security in 2019

Unfortunately, everyone is unsure when, where and how the attack would start trigger on the globe. But, from the reports of a few renowned security researchers, $193bn would be a cost of damage due to ransomware attacks.

As a result, some organizations will opt to pay ransoms as it would be the future need to keep devices and equipment online.

The global ransomware attack would be so potent that if one employee runs the ransomware on their computer, it's enough to spread all kinds of file-locking viruses and malware around the network.

Bashe Attack: A Lingering Ransomware Attack Worldwide

It is estimated that around 30 million devices around the globe will lock in just 24 hours if a global infection by Bashe, a contagious malware happens. This estimation shows the increasing risks to the businesses from cyber attacks as the global economy is becoming more interconnected through technology.

Companies must ensure themselves and must use new technologies to avoid falling victims to ransomware virus. As of now, the global economy is underprepared and Bashe attacks might banish 86% of the total global economy if such attack happens.

Ransomware attacks have no boundaries geographically, industrially or legally. As companies continue to increase their reliance on technology, it is equally essential to create defenses against cyber attacks.

This level of loss is a worst-case scenario because this scale of damage would put business sectors through low productivity, increasing IT issues, more amount in ransom payments and supply chain disruption.

Thus, the best preventive step is to upgrade our cyber defense systems at home and office computers with such security tools that provide real-time protection feature, quarantine feature, web protection and anti-exploit technology.

Note: If your computer doesn’t have such security software, then download ITL Total Security and Malware Crusher to prevent malware attacks on your system. Both are reputable, vigilant and robust in creating a shield 24X7 against any cyberthreat.

Tips to Prevent virus and malware from Infecting Your System: