Norsk Hydro on further cyber insurance compensation

Norsk Hydro on further cyber insurance compensation | Insurance Business Canada

Norsk Hydro on further cyber insurance compensation

Norsk Hydro is among the many businesses, big and small, that have fallen victim to cybercriminals around the world. Thankfully, while last year’s extensive cyberattack impacted the whole of the Oslo-headquartered enterprise, the company has the much needed protection offered by cyber insurance.

“The cyberattack on Hydro on March 19, 2019, affected our entire global organization, with extruded solutions having suffered the most significant operational challenges and financial losses,” noted the aluminium and renewable energy firm on February 07 when it reported its fourth quarter 2019 results.

“The financial impact of the cyberattack is estimated to be around NOK650-750 million (around CA$93.4 million – CA$107.7 million) for the full year. Hydro has robust cyber insurance in place with recognized insurers. Hydro has recognized NOK187 million (around CA$26.8 million) insurance compensation in the fourth quarter with the majority reflected in extruded solutions result.”

Norsk Hydro added that further compensation will be recognized when deemed virtually certain. The company previously described its cyber risk coverage as “solid,” citing global provider AIG as the policy’s lead.