Norsk Hydro gets more cyber insurance compensation

Norsk Hydro | February 10, 2020

Norsk Hydro gets more 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 aluminum 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 $70 million – $81 million) for the full year. Hydro has robust cyber insurance in place with recognized insurers. Hydro has recognized NOK187 million (around $20.2 million) insurance compensation in the fourth quarter with the majority reflected in extruded solutions result.”

Spotlight

The industry, however, also faces far broader challenges. Technology, customer expectations, demographic shifts and emerging markets will all help shape the sector’s longer term future. The insurance technology (InsurTech) industry is expanding quickly, and this momentum has been a catalyst for modernization and improved services. They can assist insurers discover emerging coverage needs and risks that demand new insurance products and services, resulting in improved product portfolio strategy and design of new risk models.

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The industry, however, also faces far broader challenges. Technology, customer expectations, demographic shifts and emerging markets will all help shape the sector’s longer term future. The insurance technology (InsurTech) industry is expanding quickly, and this momentum has been a catalyst for modernization and improved services. They can assist insurers discover emerging coverage needs and risks that demand new insurance products and services, resulting in improved product portfolio strategy and design of new risk models.