Cyber ‘Worm’ Attack Strikes Corporate Earnings Globally
A Destructive cyber ‘worm’ attack has disrupted the operations of companies like Merck (A drug manufacturing company) and Mondelez (Oreo cookie manufacturing company) said the sources related to the companies on Wednesday, August 2, 2017. The companies have been facing issues as soon as they entered the second quarter last week. Expensive cyber-attacks seem to have a major impact on global corporate earnings.
Mondelez International Inc., second largest confectionary firm in the world, reported a drop of nearly five percent in their sales on Wednesday. According to them, the reason for the drop is the invoicing and shipping delays that took place due to the cyber worm attack on June 27. The attack is commonly known as NotPetya.
Other victims of NotPetya include a drug manufacturing company called Merck & Co Inc. Last week the company warned that the attack has paused the production of certain drugs. They also mentioned that the company has not yet figured out the entire cost affected by the attack. NotPetya has also decelerated deliveries and shipping speed at FedEx Corporation. It has caused disruption in the port operations of A.P. Moller-Maersk A/S, a renowned shipping firm. In addition, the attack has also caused a halt in the production lines at Reckitt Benckiser PLC- a British consumer goods manufacturer, as per the information provided by the accounts department of the company.
The equity co-head of Wedbush Securities, Ian Winer, mentioned that the investors need to get used to getting notified about cyber-attacks as they get earnings calls. Winer also said that “the trend has been accelerating. As hackers are getting more sophisticated, they are trying to take shots at bigger companies.” Increasing number of hackers are becoming proficient in finding and developing malware that can wipe off all the data on computers, thus making the computers inoperable.
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