Norsk Hydro ransomware attack costs $52 million

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Norway based aluminum manufacturer Norsk Hydro has released a press statement today which says that the company could have incurred $52 million or 450 million Norwegian crowns in the 1st quarter.

Sources say that the malware attack has made the Oslo based firm to postpone its Q1 earnings update to June 5th this year as several of its restore systems pertaining to reporting, billing and invoicing have to be brought back to normalcy.

Norsk Hydro which is the producer and supplier of lightweight metals has mentioned in its media update that it has a cyber insurance policy on hand and so the more than half of the incurred losses can be covered from the policy cover.

The Norwegian National Security Authority along with the state law enforcement has said that the aluminum producer was hit by LockerGaga Ransomware variant which encrypted files in March’19 until a ransom demand is paid.

Sources reporting to Cybersecurity Insiders say that the company’s Extruded solutions section which offers aluminum for manufacturing of cars and construction material was severely hit by the attack. 

Prima facie reveals that the external sales volume of Extruded Solutions is said to have fallen from 333,000 tonnes in the 1st quarter from 362,000 tonnes in the same quarter of 2018.

Note- Ransomware is a kind of a malware variant which locks down files from access in a database until a ransom is paid to hackers. FBI is advising all victims of ransomware not to bow down to the demands of hackers as it will encourage crime and will also offer no guaranty that the decryption key will be surely given to the victim after receiving the payment.