Cognizant expects to lose between $50m and $70m following ransomware attack

[InfoSec News <alerts () infosecnews org>]

https://www.zdnet.com/article/cognizant-expects-to-lose-between-50m-and-70m-following-ransomware-attack/

By Catalin Cimpanu
Zero Day
ZDNet
May 8, 2020

IT services provider Cognizant said in an earnings call this week that a
ransomware incident that took place last month in April 2020 will negatively
impact its Q2 revenue.

"While we anticipate that the revenue impact related to this issue will be
largely resolved by the middle of the quarter, we do anticipate the revenue and
corresponding margin impact to be in the range of $50 million to $70 million for
the quarter," said Karen McLoughlin, Cognizant Chief Financial Officer in an
earnings call yesterday.

McLoughlin also expects the incident to incur additional and unforeseen legal,
consulting, and other costs associated with the investigation, service
restoration, and remediation of the breach.

The Cognizant CFO says the company has now fully recovered from the ransomware
infection and restored the majority of its services.

[...]



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