(MENAFN- Investor Ideas) Investorideas ( ), a go-to platform for big investing ideas for traders, including water Stocks reports on news and developments for American Water Works Company, Inc. (NYSE: AWK ), the largest regulated water and wastewater utility company in the United States.
On October 2nd, the company issued a press release that it will release its 2024 third quarter financial results, 2025 earnings guidance and long-term financial targets after the market closes on Wednesday, October 30, 2024.
On October 3rd the company filed a regulatory filing stating that they were a victim of a cybersecurity attack. The company did not issue a press release that would be more visible to investors and the general public. They filed a required SEC filing; something a lot of investors don't read or access.
Being the largest regulated water and wastewater utility company in the United States, shouldn't this security issue have warranted a press briefing and press release and significant discussions?
This is one of the biggest fears of cybersecurity attacks; going after water.
In May of this year CBS reported , "Cyberattacks against water utilities across the country are becoming more frequent and more severe, the Environmental Protection Agency warned Monday as it issued an enforcement alert urging water systems to take immediate actions to protect the nation's drinking water."
"About 70% of utilities inspected by federal officials over the last year violated standards meant to prevent breaches or other intrusions, the agency said. Officials urged even small water systems to improve protections against hacks. Recent cyberattacks by groups affiliated with Russia and Iran have targeted smaller communities."
"Some water systems are falling short in basic ways, the alert said, including failure to change default passwords or cut off system access to former employees. Because water utilities often rely on computer software to operate treatment plants and distribution systems, protecting information technology and process controls is crucial, the EPA said. Possible impacts of cyberattacks include interruptions to water treatment and storage; damage to pumps and valves; and alteration of chemical levels to hazardous amounts, the agency said."
"In many cases, systems are not doing what they are supposed to be doing, which is to have completed a risk assessment of their vulnerabilities that includes cybersecurity and to make sure that plan is available and informing the way they do business," said EPA Deputy Administrator Janet McCabe."
SEC filing
Discovery of and Response to Cybersecurity Incident
"On October 3, 2024, American Water Works Company, Inc. learned of unauthorized activity within its computer networks and systems, which the Company determined to be the result of a cybersecurity incident.
Upon learning of this activity, the Company immediately activated its incident response protocols and third-party cybersecurity experts to assist with containment and mitigation activities and to investigate the nature and scope of the incident. The Company also promptly notified law enforcement and is coordinating fully with them.
The Company has taken and will continue to take steps to protect its systems and data, including disconnecting or deactivating certain of its systems. The Company currently believes that none of its water or wastewater facilities or operations have been negatively impacted by this incident.
Although the Company is currently unable to predict the full impact of this incident, the Company does not expect the incident will have a material effect on the Company, or its financial condition or results of operations."
Recent news release or filing
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