Cyberattacks Abound Yet Companies Tell SEC Losses Are Few

[InfoSec News <alerts () infosecnews org>]

http://www.bloomberg.com/news/2013-04-04/cyberattacks-abound-yet-companies-tell-sec-losses-are-few.html

By Chris Strohm, Eric Engleman & Dave Michaels
Bloomberg.com
Apr 3, 2013

The 27 largest U.S. companies reporting cyber attacks say they sustained no 
major financial losses, exposing a disconnect with federal officials who say 
billions of dollars in corporate secrets are being stolen.

MetLife Inc., Coca-Cola Co. (KO), and Honeywell International Inc. were among 
the 100 largest U.S. companies by revenue to disclose online attacks in recent 
filings with the Securities and Exchange Commission, according to data compiled 
by Bloomberg. Citigroup Inc. (C) reported “limited losses” while the others 
said there was no material impact.

Those mixed messages have triggered a debate over whether Washington is 
overstating the damage from cyber attacks or whether companies are understating 
its impact -- or not disclosing the attacks at all. It also raises questions 
about whether some companies are painting more alarming scenarios for 
politicians than for their investors.

“There is a clear discrepancy between what companies are reporting to their 
stockholders and what they’re declaring to policy makers,” said Sascha 
Meinrath, vice president of the New America Foundation, a Washington-based 
policy group. The confusion harms the ability of legislators and agency 
officials to understand cybersecurity, Meinrath said.

[...]

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