Two Multinationals See Earnings Drop Because of Petya Cyber Attack

Last Thursday within hours of one another two huge consumer multinationals announced that their second quarter earnings would be negatively impacted because of Petya based cyber-attacks.

According to the Financial Times, Mondelez International, purveyors of confections including Cadbury chocolates and Oreo cookies announced their financial pruning just a few hours after UK-based consumer goods conglomerate Reckitt Benckiser had announced theirs.

Petya Having a Greater Impact than Wanna Cry

If you were to look at a map of the distribution of Wanna Cry vs Petya you might think that Wanna Cry would be having the larger negative impact on global enterprises. However, this is turning out not to be the case, with Petya causing far more turmoil within large corporations because files are vanquished, not held for ransom.

From the Financial Times

“Cyber security experts dealing with the attack, which started in Ukraine, have advised stricken clients there is no hope of recovering infected systems. Unless organisations have backups of encrypted data, it is lost for good, they have warned. Western security officials say the severity of Petya’s impact points to its true purpose: not monetary gain, but pure destruction. Researchers at many of the world’s largest cyber security firms — including FireEye, Talos, ESET, Symantec and Bitdefender — have come to the same conclusion. “We believe with high confidence that the intent of the actor behind [Petya] was destructive in nature and not economically motivated,” Talos, the cyber security arm of Cisco told clients this week.”

Security Needs a Holistic Approach

What’s next? No one knows for certain, but with the NSA’s bag of tricks having been released into the wild a little under a year ago you can bet that the number and potency of attacks is only going to get worse. A holistic approach to security that includes encrypted data backup is going to become de ri·gueur.

At Konsultek we assess each client’s needs and develop security solutions that meet those needs in the most economical way possible. If this sounds like a sensible approach to security to you, give us a call to discuss your particular situation.

 

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