Norsk Hydro sees $52 million hit from cyberattack

[Inga Goddijn <inga () riskbasedsecurity com>]

https://www.marketwatch.com/story/norsk-hydro-sees-52-million-hit-from-cyberattack-2019-04-30

Norsk Hydro ASA NHY
<https://www.marketwatch.com/investing/stock/NHY?countrycode=&mod=MW_story_quote>
said Tuesday that last month's cyberattack is expected to have had a
financial impact of between 400 million Norwegian kroner and 450 million
Norwegian kroner ($46.1 million-$51.9 million) in the first quarter.

The Norwegian aluminum producer was hit by a ransomware cyberattack in
March that crippled its computers and production.

"The cyberattack that hit us on March 19 has affected our entire global
organization, with Extruded Solutions having suffered the most significant
operational challenges and financial losses," said Chief Executive Svein
Richard Brandtzaeg, adding that the company has "robust" cyber insurance in
place.

The company recently postponed the publication of its first-quarter report
to June 5, from April 30, as a result of the attack, which impacted the
availability of certain systems and data to produce the quarterly report.

The company's extruded solutions unit saw sales volumes fall to 333,000
metric tons in the first quarter from 362,000 tons in the same quarter last
year. The company had planned for current quarter volumes somewhat below
the same quarter last year before the cyberattack, which further reduced
actual volumes.

Norsk Hydro added that it maintains its expectation for the global primary
aluminum market to be in deficit for the full-year 2019, with continued
macro uncertainty.

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