Marriott Cfo Calls $1 Billion Estimate On Cyber Breach Premature

Posted: Dec 10, 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.”

Leeny ObergPhotographer: Andrew Harrer/Bloomberg
Marriott said Dec. 1 that personal data for as many as 500 million guest 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.

Read the full article at Bloomberg
December 10, 2018

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