https://www.insurancejournal.com/news/national/2018/12/05/511070.htm
By Patrick Clark
Insurance Journal
December 5, 2018
It's too soon for Marriott International Inc. to estimate the cost of the
massive cyber breach that the company disclosed last week, and other
companies that have suffered big attacks are imperfect proxies, said Chief
Financial Officer Leeny Oberg at an investor conference today.
"Any situation that you’ve seen from other companies, they are all highly
individual, and no one should make an assumption about, if it was this way
for one company, it will be that way for another," Oberg said at the
Barclays Gaming and Lodging Conference, marking the first public comments
by a top executive since the company disclosed the hack. "You do expect
there will be material costs associated with this."
Marriott said Dec. 1 that personal data for as many as 500 million guests
was exposed in the breach, according to the company's statement. The hack
affected the system for Starwood Hotels and Resorts, which Marriott
acquired for $13.6 billion in 2016, and in some cases exposed credit card
data, passport numbers and loyalty account information.
The company could face $200 million in fines and litigation expenses, and
could spend about $1 per customer notifying victims and providing free
data monitoring services, according to a note last week from Morgan
Stanley.
[...]
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