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Mikko Hyppönen comments on Vastaamo Bankruptcy as a direct result of data breach
February 2021 by Mikko Hypponen, Chief Research Officer chez F-Secure
Following the news that Vastaamo has declared bankruptcy following its data breach in 2020 - Mikko Hyppönen, CRO at F-Secure offers the following comment:
“Psychotherapy Centre Vastaamo has declared bankruptcy, which is unfortunately a direct result of them being hacked. It is actually very rare for companies to fold as a consequence of a data breach, no matter how severe the breach was in the first place.
Organisations that suffered huge breaches in the past such as Ashley Madison and Equifax both recovered, even SolarWinds looks like it is going to recover too. But generally, companies survive getting hacked. The C-Level executives may face the axe, but it is more than likely that companies recover with revenues and stock values rebounding eventually. Clinical organisations such as Vastaamo rely heavily on trust with their patients, if that trust is broken, it may have been too hard to recover from in this specific case”.
