GLENN VAN ZUTPHEN, WORLD NEWS: Computer experts warn that the "Iloveyou" bug has spawned at least a dozen new viruses. One of them lurks inside e-mails with the word "joke" in the subject line of the message. The FBI is looking for the source of the Iloveyou virus. CNN's Fred Katayama reports how the computers all over the world were smitten by the love bug.</s>FRED KATAYAMA, CNN CORRESPONDENT (voice-over): From financial houses in Hong Kong to the House of Commons in London to the House of Representatives in Washington, a seemingly affectionate message of love turned out to be a virus that attacked hundreds of thousands of computers around the globe. Experts say the so-called "I love you" virus is spreading faster than last year's notorious bug, Melissa. Security software developer mcafee.com estimates 60 to 80 of Fortune 100 companies have been stung by the love bug. Among big companies forced to shut down their e-mail systems - Ford Motor, Dow Jones and Nomura Securities. Internet security firm ICSA.net estimates the bug will have caused $1 billion in lost business and software damage in North America by Monday.</s>MICHAEL VATIS, DIRECTOR, NIPC, FBI: The most common impact that we're seeing so far is overloading of e-mail servers, but that can still have a very devastating impact on a business.</s>KATAYAMA: The virus works like this: It targets users of Microsoft's Outlook e-mail program, and it's carried in e-mail messages titled "I love you." When the accompanying attachment is opened, the virus replicates itself and sends copies to all names on the user's address book. The virus can rewrite or delete music and graphic programs on the computer. Reuters reports several European publishers reportedly lost their digital photo archives. (on camera): Security experts say the hacker probably sent the message from the Philippines. It's not a complex virus. One expert said a 12-year-old could have easily written it Fred Katayama, CNN Financial News, New York.
Widespread Impact Of "Iloveyou" Computer Virus