Cyber attack cost us millions in lost revenues, Irish company reveals

23/01/2015 13:15

Loyaltybuild's managing director confirmed yesterday that a "very sophisticated cyber attack" cost the firm millions of euro in lost revenues in 2013.

Richard Hadfield was commenting on new accounts that show that Loyaltybuild's pre-tax profits fell 69pc to €1.3m in 2013 in spite of the company's revenues increasing by 10pc to €12.3m.

The Ennis-based firm that operates a loyalty programme for Supervalu and Axa was the victim of a cyber attack on November 13, 2013. As a result, the Data Protection Commissioner made a prohibition order that stopped the firm from operating in Ireland for a period of time.

The order was lifted last February and the US-owned firm relaunched its campaign in Ireland last July. However, Mr Hadfield stressed that the firm did not make anyone redundant as a result of the attack or lose any clients.

"I wish the breach had never happened, but we are out of it and as a result we are a better and stronger organisation and have a better foundation to grow the business now," Mr Hadfield said in an interview.

On the cyber attack impact, Mr Hadfield said that: "It was a tough time, but we are on a growth strategy now." He said that the firm has spent "north of €500,000" in new technology/security measures. Loyaltybuild employs 56 people and Mr Hadfield said: "The character of the staff here is absolutely superb. I couldn't fault them." He said that not letting anyone go was really important for morale.

 

Read more:http://www.independent.ie/business/irish/cyber-attack-cost-us-millions-in-lost-revenues-irish-company-reveals-30926449.html