Norsk Hydro cyber attack could cost up to $75m
![Cyber Security](/rails/active_storage/representations/redirect/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBBNWFGRGc9PSIsImV4cCI6bnVsbCwicHVyIjoiYmxvYl9pZCJ9fQ==--40c3ab8bded08030c0c6e582f14e49e5c6f99957/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaDdCem9MWm05eWJXRjBTU0lJYW5CbkJqb0dSVlE2QzNKbGMybDZaVWtpRFRjMU1IZzBOVEJlQmpzR1ZBPT0iLCJleHAiOm51bGwsInB1ciI6InZhcmlhdGlvbiJ9fQ==--9a8cb233bbd899661209fac1218cb930366c2398/hammer_1537123_1920%20(1).jpg)
March 2019 ransomware attack could cost Norwegian aluminium giant up to $75m in the first half of the year, according to latest estimates
The financial impact of Norsk Hydro’s ransomware attack is estimated at $28.8m-$34.6m for the second quarter, according to the company’s latest financial report.
Once again, the largest impact is expected in the company’s Extruded Solutions division, accounting for $17.3m-$23m of the estimated overall impact for the quarter.
In the financial report for the first quarter, the company put the impact at $34.6m-$40.4m, which means the impact in the first six months of the year could reach $75m.
The estimated impact for the second quarter is 20-25% higher than expected, with initial estimates putting the cost for the second quarter at $23m-$28.8m, according to Reuters.
Norsk Hydro is expecting some compensation from its cyber insurance policy, but it has so far not given any details of how much that is likely to be or when it is expected to be paid.
The company ascribed a 32% fall in earnings to $101m for the second quarter compared with the same period a year ago in part to the impact of the LockerGoga ransomware attack, but other factors include a partial shutdown of its Alunorte plant in Brazil and the ongoing trade war between China and the US.
The Norsk Hydro financial report coincides with an IBM Security report, which shows the cost of a data breach has risen by 12% over the past five years to £3.2m ($3.92m) on average globally, with a 10.56% increase in the UK in the past year alone to £2.99m on average.
Security firm Trend Micro recommends that organisations follow best practices to minimise the impact of ransomware such as LockerGoga, including:
- Making regular backups of files.
- Keeping systems and applications updated and using virtual patching for legacy or unpatchable systems and software.
- Enforcing the principle of least privilege and securing system administrations tools that attackers could abuse.
- Implementing network segmentation and data categorisation to minimise further exposure of mission-critical and sensitive data.
- Disabling third-party or outdated components that could be used as entry points.
- Securing email gateways to block threats distributed by spam and avoid opening suspicious emails.
- Implementing defence in depth with additional layers of security such as application control and behaviour monitoring to help block unwanted modifications to the system or execution of anomalous files.
- Fostering a culture of security in the workplace.
![Banner Default Image](https://www.dclsearch.com/rails/active_storage/blobs/redirect/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBBdytMRGc9PSIsImV4cCI6bnVsbCwicHVyIjoiYmxvYl9pZCJ9fQ==--683221fba4088f48e5f9c99e2719b73064c09cee/banner-default.jpg)
Latest Jobs
-
- Network & Security Consultant
- Spain
- Upto €54000 per year and benefits
-
Senior Network & Security Engineer to join a Managed Network & Security Team in Europe. In this critical role, you will: Play a pivotal role in managing and securing network infrastructure across datacenters, customer connections, and on-premise deployments. Proactively monitor network and security devices, analyse incidents, and implement solutions to ensure optimal performance and security. Collaborate with colleagues and customers to troubleshoot issues, troubleshoot outages, and implement effective resolutions. Lead and participate in network system installations for new facilities and expansions. Develop and maintain network infrastructure procedures, recommend technical strategies, and propose improvements to enhance network capabilities. Stay up-to-date on the latest network and security technologies and trends. Work as part of a collaborative international team, contributing to team presentations and knowledge sharing. To be successful, you'll need: Proven expertise in Cisco network solutions (CCNP R&S/Sec/Wireless preferred)for both BAU and project work. In-depth knowledge of network security principles and experience with Fortinet firewalls. Experience deploying and managing large, complex network infrastructure (routing, switching, wireless, security). Solid understanding of ITIL v3 framework for incident, change, and problem management. Excellent troubleshooting skills with experience using Wireshark or similar protocol analysers. Strong communication and teamwork skills, with the ability to work independently and collaborate effectively.
-
- Security Analyst - Internal role. London commutable. £50,000
- London
- £50,000
-
Security Analyst - Internal role. London commutable opportunity. Operational Security - Investigate, escalate and proactively work to ensure household name remains protected. Project Security - Coordinate, log change requests with project delivery teams to meet security requirements Policy / compliance - work with team to aid in uplifting these as and where needed This role is role to investigate, escalate and proactively work to protect a globally recognised brand. You must have current hands on operational analytical security experience with Microsoft technology stack Someone with a SOC Analyst / security engineering background would be well suited. This position will join a small team and would suit someone that has broad experience across the security threat landscape. Experience / knowledge across industry GRC standards such NIST, ISO27001 etc would be advantageous. You will work across multiple teams proactively working to secure the business. Must be able to commute to Central London 3 days a week. Visa sponsorship not available Apply today to find out more.
-
- Network & Security Consultant
- Romania
- €54000 plus benefits
-
Senior Network & Security Engineer to join a Managed Network & Security Team in Europe. In this critical role, you will: Play a pivotal role in managing and securing network infrastructure across datacenters, customer connections, and on-premise deployments. Proactively monitor network and security devices, analyse incidents, and implement solutions to ensure optimal performance and security. Collaborate with colleagues and customers to troubleshoot issues, troubleshoot outages, and implement effective resolutions. Lead and participate in network system installations for new facilities and expansions. Develop and maintain network infrastructure procedures, recommend technical strategies, and propose improvements to enhance network capabilities. Stay up-to-date on the latest network and security technologies and trends. Work as part of a collaborative international team, contributing to team presentations and knowledge sharing. To be successful, you'll need: Proven expertise in Cisco network solutions (CCNP R&S/Sec/Wireless preferred) for both BAU and project work. In-depth knowledge of network security principles and experience with Fortinet firewalls. Experience deploying and managing large, complex network infrastructure (routing, switching, wireless, security). Solid understanding of ITIL v3 framework for incident, change, and problem management. Excellent troubleshooting skills with experience using Wireshark or similar protocol analysers. Strong communication and teamwork skills, with the ability to work independently and collaborate effectively.
-
- Network & Security Consultant
- Hungary
- Upto €54000 per year and benefits
-
Senior Network & Security Engineer to join a Managed Network & Security Team in Europe. In this critical role, you will: Play a pivotal role in managing and securing network infrastructure across datacenters, customer connections, and on-premise deployments. Proactively monitor network and security devices, analyse incidents, and implement solutions to ensure optimal performance and security. Collaborate with colleagues and customers to troubleshoot issues, troubleshoot outages, and implement effective resolutions. Lead and participate in network system installations for new facilities and expansions. Develop and maintain network infrastructure procedures, recommend technical strategies, and propose improvements to enhance network capabilities. Stay up-to-date on the latest network and security technologies and trends. Work as part of a collaborative international team, contributing to team presentations and knowledge sharing. To be successful, you'll need: Proven expertise in Cisco network solutions (CCNP R&S/Sec/Wireless preferred) for both BAU and project work. In-depth knowledge of network security principles and experience with Fortinet firewalls. Experience deploying and managing large, complex network infrastructure (routing, switching, wireless, security). Solid understanding of ITIL v3 framework for incident, change, and problem management. Excellent troubleshooting skills with experience using Wireshark or similar protocol analysers. Strong communication and teamwork skills, with the ability to work independently and collaborate effectively.