{"id":292762,"date":"2023-10-05T10:57:18","date_gmt":"2023-10-05T15:57:18","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=292762"},"modified":"2023-10-07T12:44:48","modified_gmt":"2023-10-07T17:44:48","slug":"clorox-warns-of-q1-loss-following-cybersecurity-incident","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/clorox-warns-of-q1-loss-following-cybersecurity-incident\/","title":{"rendered":"Clorox Expects Q1 Loss Following Attack by Caesars, MGM Hackers"},"content":{"rendered":"

Shares of consumer staples giant Clorox (NYSE: CLX) are lower by nearly 9% in midday trading Thursday. That’s after the company warned investors it expects to report a fiscal first-quarter loss following a recent cyber attack.<\/p>\n

\"Clorox\"
Clorox forecast dismal first-quarter results. The company was hit by the same hackers who targeted Caesars and MGM. (Image: Wall Street Journal<\/em>)<\/figcaption><\/figure>\n

While the company behind the Brita, Burt\u2019s Bees, Liquid-Plumr, and Pine-Sol brands, among others, didn\u2019t mention \u201cScattered Spider\u201d by name, it\u2019s believed that group is behind a recent data breach that adversely affected Clorox. Scattered Spider, which is also referred to as UNC 3944, among other names, extracted a payment<\/a> believed to be in the range of $15 million to $30 million from Caesars Entertainment (NASDAQ: CZR) and wreaked havoc on MGM Resorts International\u2019s (NYSE: MGM) casino hotels across the country.<\/p>\n

Based on its current assessment of the situation, the company expects to experience ongoing, but lessening, operational impacts in the second quarter as it makes progress in returning to normalized operations,\u201d said Clorox regarding the breach. \u201cThe company also expects to begin to benefit from the restocking of retailer inventories as it ramps up fulfillment in the second quarter.\u201d<\/p><\/blockquote>\n

The maker of Fresh Step, Glad, and Hidden Valley products said it expects a fiscal first-quarter net earnings per share loss of 35 cents to 75 cents, adding net sales for the period could decline 23% to 28%.<\/p>\n

Clorox Faced \u2018Widescale Disruption\u2019<\/h2>\n

Ransomware attacks are increasingly common because, as highlighted by the attack on Caesars<\/a> and many companies, victims are compelled to pay the threat actors or risk significant financial damage. That appears to be what the attack on Clorox resulted in.<\/p>\n

\n

Cybersecurity experts and providers have warned about the increasing frequency of ransomware attacks. Last month, identity management company Okta cautioned that five of its clients, including Caesars and MGM, recently suffered such attacks. It\u2019s not clear if Okta is a vendor to Clorox.<\/p>\n<\/div>\n

The consumer goods producer endured what it characterized as \u201cwidescale disruption\u201d at the hands of the hackers.<\/p>\n

\u201cThe company is operating at a lower rate of order processing and has recently begun to experience an elevated level of consumer product availability issues,\u201d said Clorox in a September 18 filing with the Securities and Exchange Commission (SEC). \u201cThe cybersecurity attack damaged portions of the Company\u2019s IT infrastructure, which caused widescale disruption of Clorox\u2019s operations.\u201d<\/p>\n

Still Waiting on MGM Update<\/h2>\n

Recently enacted rules by the SEC<\/a> mandate that publicly traded companies must tell investors material information pertaining to cybersecurity risk management, strategy, and governance.<\/p>\n

Clorox obliged, as an October 4 Form 8-K filing with the commission was the company\u2019s third since August 14 regarding the cyber breach. Likewise, via a regulatory filing, Caesars told investors that one of its insurance carriers picked up the tab for a ransomware payment.<\/p>\n

That leaves MGM as something of an outlier because while Scattered Spider\u2019s attack on the Cosmopolitan operator lasted 10 days, the company hasn\u2019t made a filing with the SEC since September 13. When it comes to cyber incidents, the commission expects faster updates.<\/strong><\/p>\n

\u201cAn Item 1.05 Form 8-K will generally be due four business days after a registrant determines that a cybersecurity incident is material,\u201d according to the agency. \u201cThe disclosure may be delayed if the United States Attorney General determines that immediate disclosure would pose a substantial risk to national security or public safety and notifies the Commission of such determination in writing.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of consumer staples giant Clorox (NYSE: CLX) are lower by nearly 9% in midday trading Thursday. That’s after the company warned investors it expects to report a fiscal first-quarter loss following a recent cyber attack. While the company behind the Brita, Burt\u2019s Bees, Liquid-Plumr, and Pine-Sol brands, among others, didn\u2019t mention \u201cScattered Spider\u201d by […]<\/p>\n","protected":false},"author":46,"featured_media":292767,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,81886,16693],"tags":[81903,23,82041],"acf":[],"yoast_head":"\nClorox Warns Of Q1 Loss Following Cybersecurity Incident<\/title>\n<meta name=\"description\" content=\"Hackers that hit Caesars, MGM wreaked havoc on Clorox, too.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/clorox-warns-of-q1-loss-following-cybersecurity-incident\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Clorox Warns Of Q1 Loss Following Cybersecurity Incident\" \/>\n<meta property=\"og:description\" content=\"Hackers that hit Caesars, MGM wreaked havoc on Clorox, too.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/clorox-warns-of-q1-loss-following-cybersecurity-incident\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-05T15:57:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-07T17:44:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/10\/clx.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/clorox-warns-of-q1-loss-following-cybersecurity-incident\/\",\"url\":\"https:\/\/www.casino.org\/news\/clorox-warns-of-q1-loss-following-cybersecurity-incident\/\",\"name\":\"Clorox Warns Of Q1 Loss Following Cybersecurity Incident\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/clorox-warns-of-q1-loss-following-cybersecurity-incident\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/clorox-warns-of-q1-loss-following-cybersecurity-incident\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/10\/clx.jpg\",\"datePublished\":\"2023-10-05T15:57:18+00:00\",\"dateModified\":\"2023-10-07T17:44:48+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Hackers that hit Caesars, MGM wreaked havoc on Clorox, too.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/clorox-warns-of-q1-loss-following-cybersecurity-incident\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/clorox-warns-of-q1-loss-following-cybersecurity-incident\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/clorox-warns-of-q1-loss-following-cybersecurity-incident\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/10\/clx.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/10\/clx.jpg\",\"width\":1280,\"height\":853,\"caption\":\"Clorox forecast dismal first-quarter results. 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