An 18% drop in share price has to be the largest single drop due to a cyber attack by any company?

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An 18% drop in share price has to be the largest single drop due to a cyber attack by any company? It will rebound, but it does outline market sentiment. As the company has posted differing market reports about the incident affecting customers and creating market uncertainty. Sentiment is starting to turn to anger.

“Information just keeps slowly leaking out, like no one really knows. But it does indicate that these large companies – that should be spending a lot of money on cyber and protecting customers – don’t seem to be. Meanwhile, they’ll turn up at the AGM and argue why, you know, the executives get paid truckloads of money.”

As an insurance carrier, used to managing risk. It is likely to faced a range of punitive damages that may not just be regulatory fines, but include regulatory oversight and class actions.

Ted Dziekanowski

#cybersecurity #cyberriskmanagement #theaugustagroup

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