Home Business & Finance Norsk Hydro Loses Millions of Dollars in the First Quarter after Ransomware Attack

Norsk Hydro Loses Millions of Dollars in the First Quarter after Ransomware Attack

Norsk Hydro Loses Millions of Dollars in the First Quarter after Ransomware Attack

In recently published first quarter report for current fiscal year, Norsk Hydro has revealed that the company has lost $35-41 million dollars in the first quarter of 2019.

The latest figures line up with the estimates provided by the company earlier. Back in March, the company suffered a breach as a ransomware named LockerGoga infected the company’s internal system. While the company didn’t suffer any direct losses due to the demand of the attackers, the attack caused disruptions at the company which forced workers to rely on manual process for a lengthy period of time. at the time, the company estimated a net loss of $35-41 million in the first week after the attack. However, the number went up to $50 million a month later.

The company finally published its financial report for the first quarter of this year and the company says that the loss will amount to $23-29 million in the second quarter.

The company said, “Operations and sales have recovered successively during the quarter, reducing the incremental financial impact accordingly. Hydro has a robust cyber insurance in place with recognized insurers. Hydro has not yet recognized any insurance compensation. This will be recorded when deemed virtually certain.”

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