In March, Norsk Hydro hit the headlines when it was struck by a massive cyber attack. Reporting on its Q3 financial results at the end of October, the company outlined the total financial impact of the breach and detailed the value of the compensation from its insurance provider.
According to Norsk Hydro, “The financial impact of the cyberattack is estimated to be around NOK550-650 million (£47-55 million) in the first half year, with limited financial effects for Q3.
“Hydro has recognised NOK33 million (£2.8 million) insurance compensation in the third quarter,” it added. “Further compensation will be recognised when deemed virtually certain.”
The sum is 5% to 6% of the £47 million to £55 million that Norsk Hydro estimates the incident has cost. But the company may receive more from its insurer. The ransomware, which Norsk Hydro identified as the LockerGoga virus, brought down some operations after gaining access to the company’s corporate IT network
Present in around 40 countries, Norsk Hydro employs 35,000 people and specialises in bauxite and aluminium, primary metal, rolled products, extruded solutions, and energy.