Ransomware attack cost on Aluminum producer Norsk Hydro estimated to be $41m

Norway based Aluminum producer Norsk Hydro which was hit by a ransomware attack last week has released a press statement today saying 60% of its servers have recovered from the malware impact and running normally. The firm also disclosed that the ransomware attack could cost it over 460 million Norwegian Kroner or appx.41 million pounds.

Hydro says that the production division of its firm which makes doors and windows has come to a standstill and might take a week or a fortnight to recover from the malware.

LockerGoga is said to be the malware which is reported to have locked up the data servers from access.

However, the authorities decided not to pay the ransom to hackers and instead used the backup systems to recover the data.

Most of the higher degree operations are now taking place manually in energy, bauxite and alumina divisions of Hydro.

An overview of the financial impact says that the attack impact could cost the firm between $35m to $40.8m.

“The company specified in its statement that it has a cyber insurance policy cover for its IT assets and that too from a reputed insurer named AIG in the lead. So, most of the incurred losses could be covered from the cyber insurance cover”,  said Eivind Kallevik, the Chief Financial Officer of Norsk Hydro.

Note 1- Ransomware is a malware variant which locks the database from access until a ransom is paid in cryptocurrency in exchange of a decryption key.

Note 2- Most of the damage was observed in the firm’s Extruded Solutions division which is into the making of facades made of aluminum.

Note 3- Notices have been placed at the entrances of the company branches in the United States urging employees not to log into the computer network using tablets or other modes of computing devices.

Note 4- Hydro’s Facebook page is being used to provide the latest updates over the incident.

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

No posts to display