Halliburton Hit by $35M Ransomware Breach, Outlook Unchanged
Energy giant Haliburton has revealed a ransomware breach that occurred in August 2023, resulting in a $35 million loss. Despite this, the company's full-year expectations for free cash flow and cash return to shareholders remain unchanged.
The breach caused disruptions and limited access to certain business applications and corporate functions. Haliburton promptly notified the Securities and Exchange Commission (SEC) about the incident on August 21, 2023. The stolen information and the distribution of the $35 million loss between ransom payment and operational costs remain unspecified.
Investigations suggest that the RansomHub group may be behind the attack, although the responsible group is not explicitly named in the provided search results. The $35 million cost, while significant, is a fraction of the $5.7 billion in revenue generated by Haliburton in the three months to September 30. The breach resulted in a $0.02 per share impact to Haliburton's adjusted earnings.
Haliburton's ransomware breach, though costly, has not altered the company's full-year financial outlook. The energy firm continues to operate and serve its clients despite the temporary disruptions caused by the attack.
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