Pharmaceutical company Merck , a multinational giant, is collecting its $1.4 billion settlement for the 2017 NotPetya cyberattack .
Although details of the settlement were not disclosed, the deal was finalized at the last minute before an oral argument could have occurred before the judge.
Read more: St Vincent's: Remains silent on cyberattack
Merck, based in Germany, did not have cybersecurity insurance but relied on all-risk coverage. Insurance provider Ace American, which served Merck at the time, refused to compensate the company, calling the NotPetya attacks an act of war.
Notpetya Malware is a malicious code that primarily attacks machines running the Windows. This malware encrypts the hard drive and prevents the system from booting. Although researchers detected the first versions of the Petya malware family in 2016, the NotPetya malware first appeared in a global attack in 2017.
The attacks were primarily focused on Ukraine, with 80% of infected devices located in that country. However, the spread of the virus was extensive, with 40,000 Merck devices infected by the attack. The company says it suffered losses of $1.4 billion due to this disruption.
See also: loanDepot: Cyberattack affects payment systems
Merck is a multinational science and technology company, specializing in the pharmaceutical and chemical industries. With over 60 thousand employees, the company has achieved revenues exceeding $59 billion.
In April 2022, the US Department of State announced that it was offering a reward of $10 million for information leading to the arrest of those allegedly responsible for the 2017 attacks.
According to US authorities, GRU Yuriy Sergeyevich Andrienko, Sergey Vladimirovich Detistov, Pavel Valeryevich Frolov, Anatoliy Sergeyevich Kovalev, Artem Valeryevich Ochichenko, and Petr Nikolayevich Pliskin developed malware for the benefit of Russia.
See also: Australia: Judicial service affected by cyberattack
Source: cybernews.com
🔒 Protect your privacy with Proton VPN
Swiss VPN from the creators of Proton Mail — strict no-logs policy, strong encryption, and built-in NetShield that blocks ads, trackers, & malware.
- ✔ No-logs, based in Switzerland (except 14-Eyes)
- ✔ NetShield: blocks ads, trackers & malicious domains
- ✔ Covers all devices — free version available
The link is an affiliate link — SecNews may receive a commission at no additional cost to you. It does not affect the independence of our article writing.
