Consumer brand giant counts the cost of cyberattack

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Consumer brand giant counts the cost of cyberattackBritish household goods company Reckitt Benckiser has put a figure on the cost of the cyberattack that clobbered it and numerous other businesses in June this year. In a statement released the week following the attack the businesses predicts that revenue will be down 2% on the same period in the previous year. Following the announcement, its share price momentarily fell by 3.2%.

Both its manufacturing and distribution operations were impacted by the cyberattack, causing RB to cut its profit projections for the first half of 2017. The entire supply chain battled against the malware, with systems managing orders, invoicing and shipping being particularly affected. While parts of the business are back to normal, some of its factories are still suffering a hangover from the attack.

The consumer goods multinational is just one of many organisations around the world to be infected by a computer-crippling virus in late June; the list includes the largest oil business in Russia, global shipping giant Maersk, finance houses in Ukraine, and factories from India to California.

The company hopes to make up a percentage of the lost income in the third quarter, but fears that some revenue is irretrievable.

It’s rare for companies to publicly announce the cost of a cyber incident, and despite dozens of large and well-known businesses being hit by Petya, very few have come forward with a cost assessment of the ransomware attack.