British outsourcing firm Capita, a ransomware attack last year has resulted in a staggering £106.6 million loss, as reported in its 2023 annual results. The attack, attributed to the Black Basta group, targeted Microsoft Office 365 applications, leading to technical issues for employees. The hacker group later claimed responsibility, exposing stolen data, including personal details and bank account information of job applicants.
Capita, anticipating a £20 million loss, saw its net loss soar to £106.6 million, causing a 20% drop in market capitalization. Beyond cyber incident expenses, the company attributed losses to high costs, impacting its net promoter score. Capita’s new CEO, Adolfo Hernandez, announced plans for significant cost-cutting, aiming to save an additional £100 million by mid-2025. Hernandez emphasized the need for operational excellence, technology acceleration, and strategic efficiency improvements to fuel future growth.
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