Cyber Attack makes Maersk incur $300 million loss!

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The NotPetya ransomware attack which took place on container shipping firm AP Moller Maersk has left the company in a loss of $300 million. The attack which took place on June 27th, 2017 made the firm miss its business volumes by a large margin impacting its Q3 financial results.

Soren Skou the CEO of Maersk accepted that his company was on the verge of incurring a loss ranging from $200-$300 million in this quarter. However, he hoped that the Q4 results will turn positive to lift the company’s morale to new levels.

Soren Skou also made an official disclosure that the NotPetya Ransomware attack did not lead to any data loss.

At the end of June this year, Hackers targeted more than 66,000 computers operating in Europe and Ukraine with NotPetya Ransomware. Many companies such as Merck and WPP were affected by this attack which locked the databases by taking advantage of certain security vulnerabilities in Windows operating systems.

Maersk recovered from the attack due to its business continuity plan. But as some of its systems were unrecoverable, the order processing capabilities of the company became dead slow followed by some other discrepancies which made the company block the process of taking new orders for two weeks. And this is said to impact the earnings of Maersk in this quarter to a large extent.

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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