Halliburton Company, a renowned multinational corporation specializing in oil and gas products and services, disclosed that it incurred losses of $35 million following a ransomware attack in August.
According to a filing with the US Securities and Exchange Commission (SEC), Halliburton detected unauthorized third-party access to its systems on Aug. 21, prompting an immediate investigation and implementation of its cybersecurity response plan.
To contain the breach, Halliburton was compelled to shut down certain systems. The company confirmed in an 8-K filing that the threat actors managed to exfiltrate data in the attack, attributing the incident to the RansomHub ransomware gang.
The extent of the breach and the nature of the stolen information remain unclear as investigations continue. Nevertheless, Halliburton expressed confidence that the breach would not significantly impact its finances, a sentiment supported by its 2024 third-quarter earnings report.
“We experienced a $0.02 per share impact to our adjusted earnings from lost or delayed revenue due to the August cybersecurity event and storms in the Gulf of Mexico,” stated Jeff Miller, chairman, president, and CEO at Halliburton.
Despite the relatively manageable cost of addressing the cyberattack for a corporation of its size, Halliburton faces the looming threat of the stolen data being sold by the threat actors, potentially necessitating further damage control measures.
