Goldcorp data breach a sign of the times, says lawyer

“There’s more and more hacking, year after year,” a corporate lawyer warned, after Goldcorp Inc. (TSE:G, Mkt cap 19.25B, P/E – , Div/yield 0.03/0.46, EPS -6.18, Shares 832.22M) became the latest organization to fall victim to a data breach, the Financial Post reports.

Goldcorp data breach

“There’s more and more hacking, year after year,” a corporate lawyer warned, after Goldcorp fell victim to a data breach

Vanessa Coiteux, a lawyer in the Montreal office of Stikeman Elliott LLP, told the FP: “I think Goldcorp is a good example that every company is at risk.”

The Goldcorp breach is said to have amounted to 14.8 gigabytes of data, as per the Daily Dot website. The online newspaper claims that leaked data includes payroll information, private budget documents, bank account specifics, and employee passport scans, among other things.

However, David Garofalo, Vancouver-based Goldcorp’s chief executive, would not be drawn on what exactly was obtained by hackers, stating that “It’s a police matter now.”

“What I can tell you is our business is operating normally. And as a public company, we are obliged to disclose all material information and I’m confident we have,” he added.

Garofalo agreed with Coiteux that it was now commonplace for hackers to steal private data from companies and then try to extort money from them in exchange for keeping it confidential.

Goldcorp is certainly not the only big business to come under fire from hackers in the past few years. Target Corp., for example, has paid more than US$250 million in costs related to a 2013 data breach in its operations – of which US$90 million was covered by insurance.

In 2014, Sony Corp. famously drew the wrath of hackers, who took exception to The Interview, a Sony film that mocked North Korean leader Kim Jong Un.

Indeed, Goldcorp is not the only victim in Canada’s mining sector, with Detour Gold Corp. hacked last year by a group that claimed to be from Russia.

Goldcorp Inc. is a Vancouver based gold producer engaged in the operation, exploration, development and acquisition of precious metal properties in Canada, the United States, Mexico, and Central and South America. The Company is engaged in the sale of gold, silver, lead, zinc and copper. The Company’s segments include Red Lake Gold Mines Ontario Partnership (Red Lake), Goldcorp Canada Ltd./Goldcorp Inc. (Porcupine), Musselwhite, Les Mines Opinaca Ltee (Eleonore), Minera Penasquito S.A. de C.V. and Camino Rojo S.A. de C.V. (Penasquito), Desarrollos Mineros San Luis S.A. de C.V. (Los Filos), Montana Exploradora de Guatemala S.A. (Marlin), Oroplata S.A. (Cerro Negro), Corredor SpA (Project Corridor), Minera Alumbrera Limited (Alumbrera), El Morro and Pueblo Viejo Dominicana Corporation (Pueblo Viejo). More from Reuters »

What is Successful Investing? Learn more here>>

Download Our Free Special Report – How to Hunt For Value Stocks. Michael Sprung will share with you 5 stocks set for long-term gains here>>

We believe that investment management is about managing risk, not chasing speculative returns. Like to learn more? Please contact us here>>

The opinions expressed here are ours alone. They are provided for information purposes only and are not tailored to the needs of any particular individual or company, are not an endorsement, recommendation, or sponsorship of any entity or security, and do not constitute investment advice. We strongly recommend that you seek advice from a qualified investment advisor before making any investment decision.


Comments are closed.