Capita Cyber Attack – Company Faces $25 Million Loss

Capita is facing a dramatic financial blow of up to £25 million due to a cyber assault that happened in March this year. This resulted in a nearly £68 million deficit for the company for the first six months of the year.

The cyber incident and the aftermath of the attack by the Black Basta ransomware group have affected the company greatly. Black Basta had previously hacked into Capita’s Microsoft Office 365 software, which allowed them to gain unauthorized access to the personal data of the company’s employers as well as clientele.

Capita Reacts

In its announcement on Friday, Capita explained that some data was pulled out from its systems, however, it clarified that this included only about 0.1% of its server infrastructure.

The company reassured that the data had already been recovered and that they are taking big steps to fortify their cybersecurity. They also clarified that every client and employer that has been affected by the cybercrime, has been contacted for assistance.

Capita also assured that the investigation is still ongoing and they are close to getting a definitive answer. They clarified that they had gained important insights regarding the attack as well.

Capita, a provider of business outsourcing, gave an approximate of the financial toll they faced. Although they estimated that it would result in a range of £15 to £20 million, the loss has, in fact, reached £25 million instead.

What does the £25 million sum include?

The company explained that the total sum includes every step of retracing the data, getting primary access to the database, recovery procedures, as well as every investment made into enhancing their cybersecurity.

However, at the moment, Capita can’t really figure out how much trouble those penalties might bring, and they have yet to discuss investments and plans for future costs.

What’s Next for Capita?

After Capita released the statement of their financial results, their shares took a nosedive. They recorded a plummet of shares by over 12%. This currently marks the quickest plunge on the FTSE 250 index.

After the cyber attack was first announced, more than 90 organizations and companies claimed that their personal data had been leaked while they were working with Capita.

What a rollercoaster, am I right? From a cyber attack to financial dips and data breaches. It’s a reminder that in today’s tech-driven world, cybersecurity isn’t just a buzzword! Whether you’re a big corporation like Capita or an individual, stay safe, folks!