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The effects of the September 2023 cyber attack on Johnson Controls are unlikely to be financially material for the quarter ending December 2023. If net sales are a measure of financial performance ($6, 094 billion), vs. an impact on net income, deferred revenues and expenses of $27 million. Pending insurance recoveries.
The bigger concern is not the quarterly impact on financials. The company provides services to several U.S Federal Agencies, and data critical to national security may have been compromised.
The company feels there are no material changes to the disclosure regarding risk factors presented in ifs 10-K for the year ending September 2023? One wonders if a reasonable investor would reach the same conclusion. Given this weeks hearing at the House Select Committee on the Chinese Communist Party?
Ted Dziekanowski Brian D. McCarthy Rich Waite, M.Ed. George Sawyer
Veritas GRC
#cybersecurity #cyberriskmanagement #cyberregulation #nationalsecurity
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