Texas Oilfield Supplier Operations Impacted by Ransomware Incident

About two months before the Newpark Resources attack, oilfield services giant Halliburton had been afflicted with a cyberattack that it then disclosed in a regulatory filing, which occurred about two months earlier. 

Last week, Halliburton, the world’s largest energy services provider, announced that about $35 million in expenses were incurred because of the attack. Still, the impact on the company’s finances is relatively small, especially considering Halliburton is one of the world’s largest energy services providers.

 

There was an incident in August when Halliburton, a global provider of services for the energy industry, had to shut down the systems of some of its subsidiaries due to a cyber attack. In most cases, this type of breach involves unauthorized access by third parties; oftentimes, this leads to operations being disrupted, systems being shut down, and incident response plans being activated as a result of the breach. A cyber-response plan was activated at that time and a comprehensive investigation was conducted internally with the assistance of external advisors to assess and remedy any unauthorized activity that the company was aware of at that time.  

Halliburton announced last week that in its third-quarter results it incurred a pretax charge of $116 million as a result of severity costs, impairment of assets held for sale, expenses related to cybersecurity incidents, gains on equity i

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