Suncor cyberattack likely to cost company millions of dollars, expert says
CALGARY – A cybersecurity expert says a system breach at Suncor Energy Inc. will likely cost the company millions of dollars before the problem is resolved.
Jon Ferguson of the Canadian Internet Registration Authority says the type and scope of the cyberattack currently hitting the Calgary-based oil and gas company remains unknown.
Suncor confirmed the attack on Sunday but declined to comment further.
But Ferguson says businesses that fall victim to cybercrime face high costs to clean up the damage – everything from potential ransomware payments to hiring lawyers, data breach coaches and outside IT experts.
The cyberattack hit many of Suncor’s Petro-Canada sites across the country this weekend, and many are still unable to accept credit card or debit payments.
Ferguson says the cost of the breach will include lost revenue due to customers choosing to fuel elsewhere, as well as reputational damage to the Suncor brand.
This report from The Canadian Press was first published on June 27, 2023.
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