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WannaCry cyber attack losses could reach $4 billion

Staff Writer |
Global financial and economic losses from the WannaCry attack that crippled computers in at least 150 countries could swell into the billions of dollars.

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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.

The attack is likely to make 2017 the worst year for ransomare scams, in which hackers seize control of a company's or organization's computers and threaten to destroy data unless payment is made.

Cybersecurity firms report a spike in concerns from customers worried about WannaCry since reports of the malware infecting computers surfaced this weekend.

While the potential losses from reduced productivity and efforts to mitigate the damage from WannaCry are expected to be significant, the actual ransom collected through the attack is likely to be modest.

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