But what they've lost in productivity and revenue, they've arguably gained in reputation. Norsk Hydro is still in the process of restoring its IT systems after a devastating ransomware attack last week which has already caused the firm as much as £40m ($41m).
capacity, with only one business area remaining almost halted. This They probably thought they could name their price. Hydro says the overall impact of the cyberattack in the first quarter remains $35-41 million. But data from many other vendors points to a rise in more targeted attacks, where companies and organisations, instead of individuals, are in the cross-hairs.
The company entered recovery mode on Tuesday, with some departments still operating manually.
“Hydro subject to cyber-attack,” warned Oslo-headquartered Norsk Hydro ASA, one of the world’s biggest aluminum producers, on Tuesday.
The most infamous ransomware virus was called WannaCry and infected 200,000 computers in at least 150 countries, including causing notable disruption to the National Health Service in the UK. Hydro has been highly transparent regarding the impact of the incident. Hydro has not yet recognized any insurance compensation. When they eventually launched their ransomware attack, it was devastating - 22,000 computers were hit across 170 different sites in 40 different countries. This category only includes cookies that ensures basic functionalities and security features of the website. Solutions business area. When malicious hackers disable your business and demand a ransom, should you pay up? It read: “Your files have been encrypted with the strongest military algorithms. How much cost a security breach?
Imagine the hacker's anticipation as they waited to receive a reply to their ransom note. The company postponed the publication of the quarterly earnings to June 5 because of the cyber attack. Sources in the information security industry have described multiple occasions when large, well-known companies have paid out thousands of pounds - in some cases hundreds of thousands - to hackers and not told the public or even shareholders. The hackers were never even asked how much money they wanted. Hydro is in dialog with relevant Norwegian and international authorities, including Norway’s National Investigation Service (Kripos) and the Norwegian National Security Authority (NSM). I can tell you that potential damages could be very expensive for companies, for example, the transportation giant Maersk announced in 2017 that it would incur hundreds of millions in U.S. … Bitdefender Product Comparison, Bitdefender GravityZone Business Security Can You Do Incident Response With Remote Working Staff? Bitdefender Mobile Security for Android “Recovering the costs of the cyberattack even with reputable cybersecurity insurers can be non-trivial,” argued Securonix VP of threat research, Oleg Kolesnikov. Norwegian aluminum giant Norsk Hydro lost $35-41 million in the first quarter of 2019 as a result of the ransomware attack and expects additional losses of $23-29 million in the second quarter. "It's become a simple business case for many organisations to pay, and at this point it's a known secret that this is happening," says Josh Zelonis, cyber-security analyst at Forrester. Free Virus Removal Tools These cookies will be stored in your browser only with your consent. Researchers at cyber-security company Malwarebytes say that compared to the same time last year, business detections of ransomware have risen more than 500%.