Vesuvius, a leader in molten metal flow engineering and technology, revealed that the February cyber incident will cost it £3.5 million
Vesuvius is a global leader in molten metal flow engineering and technology, it employs more than 10,000 people and is listed on the London Stock Exchange. In February the company disclosed a security breach and revealed that it discovered unauthorized access to its systems. At the time the company did not provide details about the attack.
“Immediately upon becoming aware of unauthorised activity on our networks, we have taken the necessary steps to investigate and respond to the incident, including shutting down affected systems. We are working with leading cyber security experts to support our investigations and identify the extent of the issue, including the impact on production and contract fulfilment.” reads a statement issued by the company.
In an update provided by Vesuvius, the company explained that the cyber incident will cost it £3.5 million (approximately $4.6 million at the current exchange).
“Foundry has delivered particularly well with resilient pricing in the period driving better than expected margin. The Steel division was also ahead of expectations, benefitting from resilient pricing as well as slightly better than anticipated volumes.” reads a new statement published by the company. “This good performance has been achieved despite the impact of the cyber incident that occurred earlier in the year, which we expect to have a cost impact of c. £3.5m.”
“Progress in inventory management has been slowed down by the cyber incident but is expected to resume in the coming months. We remain focused and are confident in continuing to make improvements throughout the year.”
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