82,000 Affected In Paramount's Data Breach - What's Really at Stake?
Portfolio Pulse from Anusuya Lahiri
Paramount Global (NASDAQ:PARA) experienced a data breach in December 2022, affecting 82,128 individuals' sensitive financial details. The breach was discovered in August 2023 but only recently disclosed. The breach notification to Maine's attorney general did not specify the stolen information but indicated potential implications for employee data. National Amusements, owner of Paramount and CBS, faced a separate security incident in August involving customer personal data. The nature of the cyberattack and any ransom details remain undisclosed. PARA shares saw a slight increase of 0.27% to $15.04.
December 26, 2023 | 5:09 pm
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NEGATIVE IMPACT
Paramount Global's data breach could raise concerns among investors about cybersecurity and potential financial liabilities. The breach's impact on employee and customer data may lead to legal and reputational risks.
Data breaches typically result in negative sentiment due to potential costs associated with rectifying the breach, legal liabilities, and loss of consumer trust. Although the stock price saw a slight uptick, the breach's long-term implications could be detrimental.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100