Petya Ransomware Highlights Issues of Cybersecurity in Global Banking
SputnikNews.com
28.06.2017
The most recent global cyberattack has revealed the emerging risks to business activity and economic growth across the globe, as private-sector enterprises are facing a new liability in the form of heightened cybersecurity expenditures.
Kristian Rouz – The recent global cyberattack, believed to have first struck Ukraine before spreading globally, dubbed “Petya,” is the second major ransomware hack in the past two months. Petya hit businesses worldwide, having for several hours disrupted the functioning of banking and energy enterprises in the US, Australia, Russia and France, bringing cybersecurity concerns into the spotlight. Such massive attacks entail multi-million losses for the private sector of the world’s systemically important economies and markets.
The Petya ransomware (“Petya” is Russian and Ukrainian for the name “Peter” or “Pete”) affected operations of the world’s largest companies on the 27th June, and its algorithm was similar to the much-publicised WannaCry attacks in May. The malware attacked computer systems of affected businesses and entities, completely paralysing computer networks and demanding a ransom from their owners for access to be restored.
The Petya ransomware is very similar to the WannaCry episode also in that the hackers used the same code, classified by the US National Security Agency (NSA) as “Eternal Blue.” The wider spread of the virus was achieved by two other mechanisms, specialists of the cybersecurity firm, Symantec, said.
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