In March of this year, Norwegian aluminum producer, Norsk Hydro, was hit by LockerGoga malware that took down the world’s largest aluminum producer. The ransomware incident resulted in $40 million in losses after just one week. By the end of the first quarter, the cyberattack cost the company nearly $52m in losses. LockerGoga was reported as a relatively new strain of ransomware that encrypts computer files then demands payment for the company to regain access by The Norwegian National Security Authority the state agency in charge of cybersecurity. The verdict is still out on how the malware initially infects the system and what the hackers want. It has been reported by researchers that its developers are actively contributing capabilities and targeting operations with the intent of destruction and costing companies millions of dollars.
According to the 2019 Manufacturing and Distribution Report by Sikich, half of the companies who participated have reported falling victim to at least one data breach or cyber-attack involving their computer systems or networks in the past twelve months, 11% of those who participated in the survey reported that they experienced “major” breaches. The report also discovered that manufactures with revenue of under $500 million often neglect critical cybersecurity efforts to protect their organization. There were additional findings that 38% of small companies perform cyber audits, 33% perform penetration tests, 32% execute security assessments of vendors and 31% execute phishing exercises on employees. Cybersecurity is important for any organization. But, organizations with revenue of less than $500 million would be susceptible to potentially devastating revenue and production loss that could cripple their operation.
If you have not taken a moment to think about how your organization is securing your data and networks, now may be a good time to do so. We invite you to reach out to us today for a free consultation here.