First glimpse at attack financials reveals huge pain
UnitedHealth, parent company of ransomware-besieged Change Healthcare, says the total costs of tending to the February cyberattack for the first calendar quarter of 2024 currently stands at $872 million.
The remediation efforts spent on the attack are ongoing, so the total costs related to business disruption and repairs are likely to exceed $1 billion over time, potentially including theIt's a charge that eclipsed that of casino group MGM, which didn't pay a ransom following an attack on its systems last year, and whichof $100 million to rebuild its systems and paying for the fallout from outages, operational disruptions, allegedly leaked data and more.
UnitedHealth reported first-quarter revenues at $7.9 billion. It made a total Q1 net loss of $1.221 billion for the quarter. It also provided an"adjusted" quarterly earnings per share figure of $6.91 that confusingly includes the $0.25 in"business disruption impacts" but excludes both the sale of its Brazil ops and the costs of its direct response to the cyberattack, which amounted to"$0.49 per share" for the quarter.
UnitedHealth's accountants will be pleased that the company share price rose 7.5 percent in premarket trading following the release of its results – a welcome boost following the heavy dip taken since the attack.
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