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May 9, 2020 01:10 am
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/Esrkeac5KNY/cognizant-expects-to-lose-between-50-million-and-70-million-following-ransomware-attack
Cognizant Expects To Lose Between $50 Million and $70 Million Following Ransomware Attack
IT services provider Cognizant said in an earnings call this week that a ransomware incident that took place last month in April 2020 will negatively impact its Q2 revenue. ZDNet reports: "While we anticipate that the revenue impact related to this issue will be largely resolved by the middle of the quarter, we do anticipate the revenue and corresponding margin impact to be in the range of $50 million to $70 million for the quarter," said Karen McLoughlin, Cognizant Chief Financial Officer in an earnings call yesterday. McLoughlin also expects the incident to incur additional and unforeseen legal, consulting, and other costs associated with the investigation, service restoration, and remediation of the breach. The Cognizant CFO says the company has now fully recovered from the ransomware infection and restored the majority of its services. Speaking on the ransomware attack, Cognizant CEO Brian Humphries said the incident only impacted its internal network, but not customer systems. More precisely, Humphries said the ransomware incident impacted (1) Cognizant's select system supporting employees' work from home setups and (2) the provisioning of laptops that Cognizant was using to support its work from home capabilities during the COVID-19 pandemic. Humphries said staff moved quickly to take down all impacted systems, which impacted Cognizant's billing system for a period of time. Some customer services were taken down as a precaution.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/Esrkeac5KNY/cognizant-expects-to-lose-between-50-million-and-70-million-following-ransomware-attack
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