NEWS
Report exposes extent of net income drop post data breach legal settlements and cyber insurance , in addition to the longer-term effects on corporate earnings and stock price .
ExtraHop has released a new report analyzing the financial impact of several high-profile data breaches .
According to the findings , public companies profiled saw net income drop an average of 73 % roughly one year following the announcements of a data breach .
The analysis examines the costs associated with data breaches at six organizations , calculating the sum of regulatory fines ,
Nearly all organizations analyzed experienced a decline in quarterly earnings and stock prices after a data breach occurred . In one example , ExtraHop noted a company ’ s stock price fell nearly 21 % the day after the breach was reported – and net income dropped 27 % year-over-year in the quarter the breach was reported . These losses are in addition to over 1 billion dollars in reported costs , including regulatory fines , legal fees and multiple settlements with consumers , businesses and individual states .
“ When a data breach hits , real people lose real money – it goes way past the upfront costs that accompany stolen records and the number of people affected ,” said Patrick Dennis , CEO , ExtraHop .
F5 confirms completion of IRAP assessment
F5 has confirmed the company ’ s completion of the Infosec Registered Assessors Program ( IRAP ) Assessment for F5 Distributed Cloud Services .
The assessment of F5 ’ s Distributed Cloud Services was completed by ASD-certified IRAP assessors from leading cybersecurity company CyberCX . of requirement for the storage and processing of protected level information necessary in the current landscape .
In Australia , F5 works with local state , and federal government agencies , as well as major banks , retailers , service providers , and organizations across the health , education and telecommunications sectors .
Completion of the IRAP Assessment to the PROTECTED security classification assures public and private sector organizations that F5 ’ s Distributed Cloud Services have achieved the high standard
“ Since F5 ’ s global footprint expanded in 2022 to include the regional point of presence ( PoP ) in Sydney and Melbourne , our software and cloud offerings have evolved significantly to help customers in Australia meet the challenges of complexity and risk ,” said Jason Baden , Regional Vice President A / NZ , F5 .
“ Completing the IRAP Assessment exemplifies F5 ’ s commitment to the Australian public and private sectors by providing confidence in the F5 solutions which are relied on by many for safe and secure business function ,” he said .
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