NBC News reports the attack is similar to the crippling WannaCry attack that occurred a month ago.
This attack is being linked to ransomware known as Petya. According to Flashpoint, a New York-based research firm, Petya has been advertised for sale on Russian criminal forums.
Initial reports indicate the outbreak is mainly in Ukraine and Russia, but it is spreading to other countries.
American-based pharmaceutical company Merck and Co. tweeted its computer network was compromised as part of a global hack.
A number of companies around the world are reporting they’ve been hit with the cyberattack, including companies in Britain, Germany and Denmark.