Ransomware attack cost Hydro nearly NOK ½ billion
The Ransomware attack on Hydro in March is expected to cost the company between NOK 400 and 450 million in the first quarter of this year.
The ransomware attack has led to reduced production. It has further led to a delayed presentation of the results from the first quarter. The figures were scheduled to be presented on Tuesday, but are postponed until June. Hydro submits an operating and market update on Tuesday instead.
“The cyber attack that hit us on March 19th has affected the entire global organization. Extruded Solutions has been hardest hit both in terms of operational problems and financial losses,” CEO of Hydro, Svein Richard Brandtzæg, informs.
He adds that the total economic impact of the ransomware attack against Hydro is estimated at NOK 400–450 million for the first quarter of 2019.
Alunorte in Brazil
Hydro’s total production volume declined in the first quarter, compared with the same period last year. In addition to the data attack, there are continued production restrictions at the controversial Alunorte plant in Brazil.
Hydro states that the conglomerate is approaching a solution to the Alunorte issue in Amazonas. They have filed a petition to lift the restrictions on productions there. The case will be dealt with by a Brazillian court.
On May 8th, Hilde Merete Aasheim will take over as CEO of Hydro after Brandtzæg. This was announced March 18th this year.
© NTB Scanpix / #Norway Today