$70M ransomware loss for Cognizant

IT services provider Cognizant is expecting to lose between US$50 to US$70 million in the aftermath of a recent ransomware attack. The US-based company revealed on 18 April it had been hit by a “Maze” ransomware cyber attack, resulting in service disruptions for some of its clients. Although Cognizant claimed it responded “immediately” to the attack, it expects its upcoming second quarterly results to be negatively impacted by both the downtime and temporary suspension of customer accounts. According to CEO Brian Humphries, the Maze attack hit Cognizant’s select system supporting employees’ work from home setups and laptops that Cognizant was using for home working during the COVID-19 pandemic. He added that the attack only impacted its internal network, but not customer systems.

Source: ARN