Crossroads Blog | CYBER SECURITY LAW AND POLICY

Cyber Exploitation, regulation

Coke Hacked And Doesn’t Tell: Bloomberg

On 11/4, Ben Elgin, Dune Lawrence, & Michael Riley wrote a fantastic article for Bloomberg news explaining how a hacker broke into Coca-Cola’s networks.  In 2009, that hacker stole sensitive files about Coca-Cola’s “attempted $2.4 billion acquisition of China Huiyuan Juice Group,” which “would have been the largest foreign takeover of a Chinese company.”  The deal collapsed three days after the theft.

The Bloomberg article further explained how cyber-thefts like these impact investor relations.  Interestingly,   the authors said that Coca-Cola never disclosed this breach, even though its investors would obviously care.  About a year ago, the SEC issued regulations requiring companies to disclose such attacks.  This breach occurred well before the SEC’s new regulations.

Elgin, Lawrence, & Riley reported on several other breaches, check out the rest of their article for Bloomberg here.

Oh, and one guess as to who is behind the breaches.

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