Halliburton says ransomware attack cost it $35 million in losses

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Cyberattack left a dent in Halliburton accounts

Ransomware
  • Halliburton confirmed losses in 8-K filing with the SEC
  • Ransomware attack attributed to RansomHub occured in summer 2024
  • The crooks stole some sensitive data, but the details are still unknown

Halliburton confirmed the ransomware attack which recently hit the company cost the business $35 million in losses.

The oil giant shared the news via a quarterly financial report, filed with the US Securities and Exchange Commission (SEC).

In late August 2024, the company reported discovering an unauthorized third party in its systems, which forced it to take certain systems offline. As a result, its operations were limited, and certain clients disconnected, causing the company to lose millions of dollars.

Stealing data

Soon after the breach was announced, a threat actor called RansomHub assumed responsibility for the attack. This group gained notoriety after the Change Healthcare breach, having been confirmed as the affiliate that forced the healthcare giant to part ways with more than $20 million in ransom.

Unfortunately for the hackers, they never saw any of that money, since the ransomware’s operators, ALPHV, took all the loot and disappeared into the digital wilderness.

Still, RansomHub said it stole sensitive data from Halliburton, something the company also confirmed in a subsequent 8-K form. However, there is no word on the type of data stolen, or its amount.

"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," commented Jeff Miller, Chairman, President, and CEO at Halliburton.

"Our full year expectations for free cash flow and cash return to shareholders remain unchanged, and we expect both to accelerate in the fourth quarter."

Halliburton is a global American multinational corporation that provides products and services to the energy industry, especially in oil and gas exploration, development, and production. It is present in more than 70 countries, and earns more than $20 billion in revenue. It currently employs more than 45,000 people.

Via BleepingComputer

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Sead Fadilpašić

Sead is a seasoned freelance journalist based in Sarajevo, Bosnia and Herzegovina. He writes about IT (cloud, IoT, 5G, VPN) and cybersecurity (ransomware, data breaches, laws and regulations). In his career, spanning more than a decade, he’s written for numerous media outlets, including Al Jazeera Balkans. He’s also held several modules on content writing for Represent Communications.