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Cyberattacks Abound Yet Companies Tell SEC Losses Are Few
From: InfoSec News <alerts () infosecnews org>
Date: Thu, 4 Apr 2013 00:40:51 -0500 (CDT)
By Chris Strohm, Eric Engleman & Dave Michaels
Apr 3, 2013
The 27 largest U.S. companies reporting cyber attacks say they sustained no
major financial losses, exposing a disconnect with federal officials who say
billions of dollars in corporate secrets are being stolen.
MetLife Inc., Coca-Cola Co. (KO), and Honeywell International Inc. were among
the 100 largest U.S. companies by revenue to disclose online attacks in recent
filings with the Securities and Exchange Commission, according to data compiled
by Bloomberg. Citigroup Inc. (C) reported “limited losses” while the others
said there was no material impact.
Those mixed messages have triggered a debate over whether Washington is
overstating the damage from cyber attacks or whether companies are understating
its impact -- or not disclosing the attacks at all. It also raises questions
about whether some companies are painting more alarming scenarios for
politicians than for their investors.
“There is a clear discrepancy between what companies are reporting to their
stockholders and what they’re declaring to policy makers,” said Sascha
Meinrath, vice president of the New America Foundation, a Washington-based
policy group. The confusion harms the ability of legislators and agency
officials to understand cybersecurity, Meinrath said.
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- Cyberattacks Abound Yet Companies Tell SEC Losses Are Few InfoSec News (Apr 04)