Hey there, folks! Remember that cybersecurity incident at Halliburton? Well, it turns out they just spilled the beans on the financial fallout from that mess.
Halliburton Drops Details on Cyberattack Costs
Yep, the US oil giant, Halliburton, just let us in on the scoop regarding the damage done by the latest cyberattack.
You can check out all the juicy info in their official press release where they spill the beans on their third-quarter earnings for 2024. Brace yourselves – the cyberattack set them back a whopping $35 million!
Back in August 2024, Halliburton fell victim to a massive cyberattack that threw a wrench in their operations. They were pretty hush-hush about it at first, but eventually had to come clean in an SEC filing.
Initially, the details of the attack were sketchy. Halliburton didn’t say much officially. But later on, they confirmed that it was a ransomware attack in a message to their suppliers, dropping the RansomHub encryptor as a clue.
Curious about whether they managed to shake off the ransomware? Wondering if they caved and paid up? Yeah, there’s no word on that yet.
However, the latest earnings report for Q3 2024 doesn’t sugarcoat it – the cyberattack took a hefty toll on Halliburton’s finances. According to Jeff Miller, the big boss at Halliburton,
“We took a hit of $0.02 per share in adjusted earnings due to revenue losses from the cybersecurity incident in August and the Gulf of Mexico storms. But hey, we’re still on track for some solid cash flow and shareholder returns in Q4.”
The damage? A cool $35 million in September 2024, with an extra $116 million in pre-tax charges related to the security breach.
And in the three months ending September 30, 2024, we had to cough up $116 million for severance costs, asset impairment, cybersecurity expenses, equity investment adjustments, and other stuff.
But hey, things are looking up for Q4 2024!
As of now, there’s no word on whether Halliburton’s data took a hit in the cyberattack, and those attackers haven’t decided on a data dump yet.
What do you think about all this? Share your thoughts in the comments below!
