Norsk Hydro, the aluminium and renewable energy firm that suffered an
extensive cyberattack in March, has been compensated and here we’ll
tell you the initial payout.
In its third quarter results release, the Oslo-headquartered group
outlined not only the operational and financial repercussions of the
breach but also how much in compensation it has received so far. Earlier
this year Norsk Hydro described its AIG-led cyber insurance policy as
Yesterday (October 23) the aluminium supplier reported: “The
cyberattack on Hydro on March 19 affected the entire global
organization, with extruded solutions having suffered the most
significant operational challenges and financial losses.
“The financial impact of the cyberattack is estimated to around
NOK550-650 million ($60-71 million) in the first half year with limited
financial effects for the third quarter.”
Norsk Hydro reiterated the robustness of the cyber insurance it has in place with major providers.
“Hydro has recognized NOK33 million ($3.6 million) insurance
compensation in the third quarter,” it noted. “Further compensation will
be recognized when deemed virtually certain.”
Present in around 40 countries, Norsk Hydro employs 35,000 people and
specializes in bauxite & alumina, primary metal, rolled products,
extruded solutions, and energy.