WannaCry Ransomware attack: Indian banking sector to be the next victim

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Cyber risk modeling firm Cyence estimates the potential costs from the hack at $4 billion, while other groups predict losses would be in the hundreds of millions.

In 2016, such schemes caused losses of $1.5 billion, according to market researcher Cybersecurity Ventures. The temporary halt in production was a "preventative step", Renault said.

The highest profile victim of the attack was the NHS in the United Kingdom which has 16 hospitals and 40 organisations infected with the virus. Tens of thousands of computers in abou...

How to keep yourself safe - Be careful of not clicking any malicious looking link. Security experts believe that WannaCry has initially infected computers by getting people to download it via email. Despite the high profile global nature of the attack, it has delivered meager pickings for the attackers, rising from $26,000 at the weekend to a current amount of $50,000 which the hackers have yet to retrieve. It locked down victim's computers and then threatened to delete the files if they didn't pay $300.

However, there is no clarity yet on whether access is restored upon payment of the amount demanded.

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"More action is needed, and it's needed now", he said. "They will rebuild and recover from their backups or other sources".

Yet security flaws in older editions of Windows persist. With this attack, Abrams recommends trying to recover the "shadow volume" copies some versions of Windows have. In February, a Los Angeles hospital paid about $17,000 worth of bitco... "There is this stream of liability that flows from the ransomware attack", he said.

"What we have seen now is only the tip of the iceberg", the officer cautioned. To do all this, the software exploits a vulnerability in Microsoft Windows that is thought to have been first identified by the National Security Agency and was later leaked online. The software giant had previously released a fix, but many organizations had not updated their systems. There is no legal provision that makes reporting a cyber-breach mandatory for a corporate firm, experts said. "Everyone that we are talking to is treating this as a priority". "That's going to become a more common practice". "It's a question of prioritizing them".

He said tech companies, customers and the government need to "work together" to protect against attacks.

While Microsoft's reputation has suffered in the past because of security problems, the company's stock is barely down from the close of trading Thursday, just before reports of the ransomware. Broker Marsh & McClennan notes that rates for such coverage has consistently risen in recent years. "We have not come across any significant impact yet", Nasscom President, R Chandrasekhar said.

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