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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