Subscribe to:

Subscribe to :: TheGuruReview.net ::
Banner

Did NotPetya Cost Maersk 300 Million

November 13, 2017 by   | Category: Around The Net

Maersk has claimed that the NotPetya ransomware that ripped through a number of its operations in the summer has cost the company as much as $300m.

The company admitted this week that the ransomware caused a 2.5 per cent decrease in shipping volumes as the company struggled to process freight with systems that had been taken down by the outbreak.

“The effect on profitability from the June cyber-attack was $250m-$300m, with the vast majority of the impact related to Maersk Line in the third quarter. No further impact is expected in the fourth quarter,” the company advised stockholders in its latest financial report.

“The cyber-attack primarily impacted July and August, while contingencies related to recovery from the cyber-attack resulted in a negative development on volumes, utilisation and unit cost performance throughout the quarter.”

The $250m-$300m costs associated with dealing with NotPetya compare with an “underlying profit” of $372m generated on revenues of $8bn, according to the company, and came against the backdrop of rising container freight rates, which will have cushioned the blow.

In addition to the hit on Maersk Line, part of the company’s Transport & Logistics division, the report also indicated that its APM Terminals business had also been affected by “additional costs related to the cyber attack”.

However, despite the company’s claim that no further impact is expected from the cyber attack in the current quarter, it admitted that recovering IT services and reliability following NotPetya would lead to continuing higher costs.

The report confirms a profit warning related to the ransomware issued by the company in August. It is not the only major organisation to have suffered heavy losses as a result of the destructive malware, with parcel delivery firm TNT Express particularly hard hit.

Courtesy-Fud

Comments

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!

You must be logged in to post a comment.