Halliburton has disclosed that a ransomware attack in August resulted in $35 million in losses after it forced the company to shut down parts of its IT systems and disconnect client systems.
As a leading provider of energy services worldwide, Halliburton operates in 70 countries with over 48,000 employees and reported a revenue of $23.02 billion.
In an August 23 filing with the U.S. Securities and Exchange Commission (SEC), Halliburton revealed that an unauthorized party had infiltrated its network. In response, the company swiftly shut down parts of its IT infrastructure to contain the breach, though this caused some operational disruptions and impacted client connectivity.
Days later, the RansomHub ransomware gang took responsibility for the attack, reportedly stealing data from Halliburton’s network. While investigations continue, the exact nature and extent of the stolen data remain unknown.
Despite the losses, Halliburton’s third-quarter financial report indicates that the incident had limited financial impact. Chairman, President, and CEO Jeff Miller noted a $0.02 per share hit to earnings, attributed to both the cyberattack and recent Gulf of Mexico storms. However, Miller emphasized that Halliburton’s cash flow projections and shareholder returns remain on track, with acceleration expected in the fourth quarter.
Though the immediate financial impact of the breach may seem manageable for Halliburton, concerns remain about potential future risks if stolen client data is leaked or sold. The company could face further financial implications through legal actions and customer trust erosion if additional details about the breach emerge.
