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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  TalkTalk Telecom Group    TALK   GB00B4YCDF59

TALKTALK TELECOM GROUP (TALK)
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TalkTalk Telecom : Cyber attacks have long-lasting business impact - Lloyd's of London

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06/28/2017 | 01:13am CET
Inga Beale, Chief Executive Officer, Lloyd's, attends the annual meeting of the World Economic Forum (WEF) in Davos

LONDON (Reuters) - Businesses in Europe underestimate the "slow-burn" effects of cyber attacks and need to prepare more fully for a loss of customers, a fall in share price and other potential consequences, Lloyd's of London said in a report on Wednesday.

The risk of cyber attacks is rising and slow-burn effects

are additional to short-term costs such as notifying customers, paying ransoms or public relations expenses, the report, written with consultants KPMG and law firm DAC Beachcroft, said.

"There is a lack of understanding as to what cyber attacks can mean," Lloyd's of London Chief Executive Inga Beale told Reuters.

"Businesses need to prepare for the full costs of a cyber attack."

Lloyd's has a 20-25 percent share of the $2.5 billion cyber insurance market, Beale said.

British broadband company TalkTalk (>> TalkTalk Telecom Group) suffered a data breach in 2015 which caused a one-off cost of $52 million, but also led to slow-burn costs of more than $44 million, including an estimate for lost revenue, the report said.

Ransomware attacks are on the increase, the report said, such as the Wannacry attack which infected 300,000 computers in more than 150 countries last month.

A major ransomware attack this week hit computers at Russia's biggest oil company, the country's banks, Ukraine's international airport as well as global shipping firm A.P. Moller-Maersk (>> AP Moller-Maersk).

Cyber crimes where attackers masquerade as chief executives to email finance staff and trigger fraudulent payments are also rising and causing "significant financial losses", the report added.

(Reporting by Carolyn Cohn; Editing by Susan Fenton)

Stocks treated in this article : AP Moller-Maersk, TalkTalk Telecom Group
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ChangeLast1st jan.
AP MOLLER-MAERSK -3.07% 10565 Delayed Quote.-2.68%
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Financials ( GBP)
Sales 2018 1 726 M
EBIT 2018 119 M
Net income 2018 19,0 M
Debt 2018 729 M
Yield 2018 5,77%
P/E ratio 2018 26,27
P/E ratio 2019 12,49
EV / Sales 2018 0,99x
EV / Sales 2019 0,95x
Capitalization 977 M
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Mean consensus HOLD
Number of Analysts 15
Average target price 1,40  GBP
Spread / Average Target 37%
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Managers
NameTitle
Tristia Adele Harrison Chief Executive Officer & Executive Director
Charles William Dunstone Executive Chairman
Charles Bligh Chief Operating Officer & Director
Kate Ferry Group Chief Financial Officer
Steen Gary Chief Technology Officer
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