Bandwidth.com reports multimillion dollar loss post DDoS attacks

In September 2021, Bandwidth.com suffered a series of days-long DDoS attacks forcing its service to go offline in the United States.

In September 2021, Hackread shared details of DDoS attacks targeting voice over Internet Protocol (VoIP) services of VoIP giant Bandwidth.com causing voice and messages service disruption in the United States. Now, the company has published its 3rd quarter profits updates declaring $131 million in sales.

But, the corporation claimed in a press release that the DDoS attacks cost them heavy financial losses, ranging between $9m to $12 million for the current fiscal year. Still, such huge losses reveal the harm DDoS attacks can inflict on companies.

Revenue Loss Causes by Missed Transaction Volume

Though Bandwidth.com has fared well post the cyberattack, the attack’s financial impact has been devastating. On 26 October, the Raleigh-based tech firm informed SEC that based on preliminary use data and currently available information, the DDoS attack caused financial loss of up to $700,000 in the 3rd quarter of 2021. The losses were incurred because of “missed transaction volume and customer credits.”

“The company estimates that the impact of the DDoS attack may reduce CPaaS revenue for the full year of 2021 by an amount ranging from

Read More: https://www.hackread.com/bandwidth-com-reports-loss-post-ddos-attacks/