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17
MAY
2016

TalkTalk Profit Halves After Cyber Attack

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TalkTalk’s full year profit halved as a result of last year’s cyber attack on the mobile phone company.

Profit before tax for the year to 31 March 2016 was £14m, compared with £32m the previous financial year.

The company was hit by exceptional costs of £83m, of which £43 related to the cyber attack.

TalkTalk revealed in October last year that cyber criminals has accessed the data of 1.2 million customers, and originally estimated that the hack could cost it between £30m and £35m.

As revealed by Insurance Timesthe company was protected by a cyber insurance policy.

Despite the profit drop, TalkTalk chief executive Dido Harding put a positive spin in the results. She said : “The business bounced back strongly in the final quarter following the cyber attack in October.”

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Insurance Times – TalkTalk profit halves after cyber attack (13th May 2016)

For more information on our Cyber Liability Insurance cover, please contact our friendly team on 0191 482 0050.

 

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