Global ransomware could cost almost $200bn

A global ransomware attack could cost $193 billion and affect more than 600,000 businesses worldwide, according to a new report.

The report is called ‘Bashe Attack: Global infection by contagious malware’ and has been compiled by a Singapore-based public-private initiative called Cyber Risk Management. Lloyds of London is one of the initiatives founding members and posted the findings on its website.

It involves a scenario where an attack is launched through an infected email. Once opened it’s forwarded to all contacts and within 24 hours all the data on 30 million devices worldwide is encrypted. This would result in companies worldwide being forced to pay ransom to decrypt their data or to replace infected devices.

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Source: ITPro