April 30, 2019 / 5:36 AM / 24 days ago

Norsk Hydro expects cyber attack costs of up to $52 mln in Q1

OSLO, April 30 (Reuters) - Norsk Hydro, the victim of a March cyber attack that paralysed its computer networks, said the hacking would likely cost the aluminium maker up to 450 million Norwegian crowns ($52 million) in the first quarter.

The Oslo-based firm, one of the world’s largest aluminium makers, was forced to halt some production on March 19 and switch other units to manual operation after hackers blocked its systems.

Hydro has since postponed its first-quarter earnings report by five weeks to June 5 from April 30, amid efforts to restore systems for reporting, billing and invoicing.

The company reiterated that it has a cyber insurance policy to help cover the cost of the attack.

$1 = 8.6563 Norwegian crowns Reporting by Terje Solsvik and Izabela Niemiec, Editing by Sherry Jacob-Phillips

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