3/26/2019, 7:20 PM (Source: TeleTrader)
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Norsk Hydro cyberattack costs up to $41 million

The division for extruded solutions suffered the biggest blow in the malware breach on March 19, Norsk Hydro ASA said on Tuesday. Early calculations put the damage so far at up to 350 million Norwegian kroner or $41 million, the company's representatives revealed at a press conference. The systems are being recovered gradually, according to the operator of hydropower plants and aluminum, which estimated it would take it weeks or more to get back on track.

The aforementioned sector is running at 70% to 80% of capacity except for the nearly total freeze in building systems, the company added and expressed belief the unit would boost activity this week. In primary metal and rolled products a "higher degree" of work is done manually, while the rest of the production is normal, Norsk Hydro said.

American International Group Inc. (AIG) is the main insurer and the cyberrisk coverage is "solid," the multinational manufacturer claimed. Earlier, Property Claims Services (PCS) noted the policy implies an insured or reinsured tally of at least $20 million if the incident is labeled a so-called global cyber event

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