Cyber Attack Strikes Norsk Hydro for Unprecedented Financial Loss

This is actually how dangerous cyber-terrorism is. Read on to know the loss.

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To this day, cyber-terrorism and hacking goes strong. If you don't believe it, or you live under a rock, just take a peep at your own INBOX and witness the influx of crazy spam emails on "investments" from unknown companies or individuals who want you to sign off on receiving some mysterious "package" or "inheritance" from an Egyptian prince. Happens all the time. Those are the seeds of cyber-terrorism at its worst: feeding on the naivete of the helpless, but believe it or not, this isn't just about the individual:

Indeed, Even Companies Suffer From Cyber-Terrorism, and BOY It's Not Pretty

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Norsk Hydro is one such company. An aluminum maker from Norway, this is a company standing to lose more than $40MM due to just one cyber attack that had targeted the corporation's IT systems. All it took was a complete shutdown of that network to cause the damage, and the downtime would result in those losses relatively easily. 

Hackers accomplished this through ransomware that had infected some of the company's systems, blocking access and rendering operations virtually bound in digital chains. Nothing could be done.

The good news is that Hydro did have an awesome insurance policy in place for issues like this, but of course there is a cap as far as what can be covered. The fact is the damage has been done with only a maximum of 80% operations in effect. The Building Systems business unit, however, twiddles its thumbs as everything kicks back up the way it should be with all cyber-bugs squashed effectively.

The intent of these hackers was pretty obvious: it was ransomware. Sort of like terrorists taking hostages and expecting some big payout. However, Hydro was smart and opted to get everything restored through backup servers at the expense of some lost revenue, but in comparison that could've been pennies against having to pay off the criminals.

Want to Know Why ID Theft Protection and Cyber-Security Is so Crucial? THIS IS WHY.

Hail to cyber-security technology and platforms. Right? Right. If I were a big corporation, I'd want my digital assets and systems protected, too. No doubt. What do you think of the steps we all take to ensure the safety of our cyberspace? Are we doing a good job? Or are we missing the mark? SIGN UP FOR A VIGYAA ACCOUNT and also CHECK OUT THE DATA DRIVEN INVESTOR FOR MORE INSIGHTS INTO THE NEWS AND STORIES OF TECHNOLOGY.

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