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Ransomware Cost Shipping Firm More than $250 million

 Posted November 14, 2017     GDS

AP Moller-Maersk, one of the world’s largest container shipping lines, this month revealed its Q3 revenue and profits. While still making a profit, the company’s predicted profits of $711m were severely cut because of the impact of the NotPetya Ransomware attack it suffered in the summer.

Ransomware-Cost-Shipping-Firm-More-than-250-million

Ransomware impact

Back in June, Maersk were hit by the NotPetya Ransomware. It infected its global network and forced operation to a halt at 76 of its ports around the world. The company’s network was down for a couple of days, but there is no suggestion it paid up to the Ransomware threat.

That doesn’t mean the attack wasn’t costly to the company. With operations down for a few days, and makeshift solutions in place, plus restorative costs – Maersk estimates in its Q3 update that the attack cost the company between $250-300m.

The cost to recover its system and regain reliability was very high for the company. At the time, CEO Soren Skou said there was little to be done to prevent the attack, but that the company would improve its cyber security infrastructure and contingency plans.

Why you need to prepare for Ransomware

Maersk handled the attack as well as could be hoped for and still managed profitability for the year but nevertheless, did incur costs of more than £250m dealing with the outfall of the Ransomware attack. There couldn’t be any clearer demonstration of why organizations need to be prepared and ready for Ransomware. The danger of Ransomware goes far beyond the initial attack.

It’s important to be able to recover quickly from such attacks – to get your business back online and operating. The downtime could be far more expensive than any demand made.

Here at Global Data Sentinel, we give organizations the tools to create a security ecosystem that helps them prepare, detect and recover from such attacks as fast as possible. Find out more here.