Cognizant: Ransomware Costs Could Reach $70m
In April, IT services giant Cognizant was hit by a ransomware attack that it now reports could cost the company as much as $70 million. In the first quarter of 2020, the firm disclosed revenue of $4.2 billion, representing a year-on-year increase of 2.8%. These figures mean that the company will likely not suffer financially from the ransomware attack costs.
However, the cost of the attack is reflective of the persistent financial threat posed by ransomware, as well as its reputational impact on customers. Cognizant reportedly took systems offline after some internal assets were compromised, resulting in a financial toll due to the suspension of some customer accounts. Remote workers were also reportedly affected as the ransomware attack hit the firm during the current pandemic.
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