The Norsk Hydro cyber-attack cost the company £25.6M
27 March 2019
A week after Norsk Hydro became subject to a cyber-attack, most operations are running at normal capacity.
In the most affected business area, Extruded Solutions, production is now at 70-80%, except for the Building Systems business unit, where operations remain almost at a standstill.
Hydro’s global IT organisation is working continuously to resolve the situation together with external expertise. The company has now entered the recovery phase following the attack, gradually restoring IT systems in a safe and secure manner to ensure progress toward normal business while limiting the impact for people, operations, customers, suppliers and other partners.
Hydro has reported the sophisticated cyber-attack to Norway’s National Investigation Service (Kripos) and is cooperating with relevant authorities, including the Norwegian National Security Authority (NSM).
It is premature to give any precise or detailed overview of the financial impact at this point. Based on a high-level evaluation, the preliminary estimated financial impact for the first full week following the cyber-attack is around NOK 300-350 million (£25.6M), the majority stemming from lost margins and volumes in the Extruded Solutions business area.
Hydro has a solid cyber risk insurance policy with recognised insurers, with global insurer AIG as lead.
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