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Saturday, June 15, 2024

Hydro hack cost the company millions

Norsk Hydro has been tallying up the costs of a massive cyber attack by hackers last week. The financial effect on the company is estimated to amount to as much as NOK 350 million (USD 41 million), according to a preliminary evaluation.

The costs are tied to lost margins and volume in Hydro’s “Extruded Solutions” division, while production within Hydro’s “Building Systems” division is still mostly shut down.

The partly state-owned company, one of the world’s largest aluminum producers, was severely disrupted by a virus that shut down Hydro’s systems around the world and included a ransom demand. Various plants had to be isolated from the system and Hydro’s thousands of employees couldn’t use their own devices or the company’s network.

The company has insurance to cover the costs of auch an attack but there is a ceiling on liability. Hydro’s shares were down 1.74 percent late Tuesday afternoon, to just under NOK 34, their lowest level since 2017.

Company officials said Hydro is still in a “rebuilding phase” after the attack, while an international investigation is underway involving Norway’s national security authority, both the country’s military and civilian police intelligence agencies and Interpol.

For more details from Hydro’s own press release, click here (external link to Hydro’s revived website). staff



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