The global aluminum and energy company, known as “Hydro,” estimated damages at up to app. USD $74 million. “The company has a robust cyber insurance in place with recognized insurers,” it said in a statement. “The (March) attack affected our entire global organization, with the business area Extruded Solutions having suffered the most significant operational challenges and financial losses.”
The company later provided more details to reporters. “‘Hydro has a solid cyber risk insurance policy with recognized insurers, with global insurer AIG as lead,’ the company said. ‘The insurance has a ceiling,’ Chief Financial Officer Eivind Kallevik told the news conference. He declined to be more specific regarding the policy’s cap.”
Hydro says it will not pay ransomware hackers to unlock its files and can restore its data from backups. “The company has now entered the recovery phase following the attack, gradually restoring IT systems in a safe and secure manner,” the company stated.
Other News: Cyber Insurance Market Soars to $91.22 Billion by 2031 – Report(Opens in a new browser tab)