Months after the cybersecurity incident, the oil giant Halliburton shared details about the financial losses. According to the latest update, the cyberattack that targeted Halliburton earlier this year cost the firm $35 million.
Halliburton Shared An Update About The Damages Incurred During The Last Cyberattack
The US-based oil service firm Halliburton recently revealed more details about the financial impact of the last cybersecurity incident.
These details surfaced online via a recent press release where Halliburton shared details about the third quarter of 2024 earnings. As revealed, the firm had to bear losses worth $35 million in the last cyberattack.
In August 2024, Halliburton suffered a massive cyberattack that affected its usual operations. While the firm initially remained tight-lipped, it eventually admitted the cybersecurity incident via an SEC filing.
The exact nature of the cyberattack remained unclear earlier. Halliburton also did not release any official statement in this regard. Nonetheless, the incident was confirmed as a ransomware attack when Halliburton informed its suppliers about the matter, mentioning the RansomHub encryptor among the IOCs.
Despite this update, no further information surfaced online about whether the firm managed to remove the ransomware infection. It also remained unclear how much ransom the attackers had demanded and whether the firm chose to pay it.
Nonetheless, the recent Q32024 Earnings Report suggests that the attack had a substantial financial impact on Halliburton. According to the statement from Jeff Miller, Chairman, President, and CEO of Halliburton,
We experienced a $0.02 per share impact to our adjusted earnings from lost or delayed revenue due to the August cybersecurity event and storms in the Gulf of Mexico. Our full year expectations for free cash flow and cash return to shareholders remain unchanged, and we expect both to accelerate in the fourth quarter.
These losses totaled $35 million in September 2024. The firm also mentioned a $116 million pre-tax charge in lieu of the security incident.
During the three months ended September 30, 2024, Halliburton recognized a pre-tax charge of $116 million as a result of severance costs, an impairment of assets held for sale, expenses related to a cybersecurity incident, a gain on a fair value adjustment of an equity investment, and other items.
Yet, the firm is positive about witnessing betterment in the Q42024 earnings.
For now, no information is available regarding the impact of this cyberattack on Halliburton’s data, and the attackers have not decided on a data dump yet.
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