CISObyte 05-01-2020
50 million is the expected low side for unforeseen costs due to legal and consulting fees, incident investigation, service restoration, and remediation.
“On April 17, several disgruntled customers [reported to ZDNet that Cognizant was] attempting to hide a major security breach under the guise of “technical issues” and cutting off access to a series of services.”
A day later, Cognizant reported that its network was infected with the Maze ransomware. This affected remote workers capabilities as well as device provisioning to support work from home efforts, a huge loss during the Covid-19 crisis. While this only affected internal and not customer-facing systems, the billing system was taken down for some time as a precaution. It is not expected to have a lasting effect, as the majority of services are restored.
“Companies are seeing today ransomware attacks as a real risk for their bottom lines as ransomware incidents tend to cause reputational damage to stock prices and financial losses due to lost revenue as most victims take weeks and months to fully recover.”
- Ransomware
- Remote Work
- Incident Response
- Risk Management
