Security News > 2021 > March > CompuCom Cyber-Attack Costs Could Reach $28M
The financial impact from a March 1 cyber-attack on CompuCom, a wholly-owned subsidiary of ODP Corporation, is expected to reach the $28 million range, the company said.
Following the incident, which resulted in some of the managed services provider's systems being infected with malware, customer services and internal operations were suspended, but ODP now says that significant progress was made in restoring services.
Although no technical details on the incident were revealed, ODP claims that "The down time experienced and related impact due to the malware incident" will impact the revenue for March, with the financial results for the first fiscal quarter of 2021 likely impacted.
The company expects expenses of up to $20 million associated with the incident, with approximately $10 million to be accrued during the first quarter of 2021.
These expenses, ODP says, are related to service restoration efforts and to addressing "Certain other matters resulting from the incident." Some of these expects might be covered by insurance, the company adds.
ODP will provide further information on its first quarter financial performance during its first quarter earnings call, currently scheduled for May 5, 2021.