RASTECH Magazine

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Cyber attacks cost AKVA US$6M


(Image from: AKVA Group)

A cyber attack which caused a shutdown of AKVA Group’s computer system in January this year, cost the aquaculture technology company a total of NOK49.7 million, roughly equivalent to US$6 million.

In it’s first quarter report for 2021, AKVA said the hardest hit sectors of its business were: cage-based technology; land-based technology;and digital solutions.

“Decent activity and order intake in a challenging quarter impacted by non-recurring cyber-attack costs,” the report said. “AKVA group delivered revenue for Q1 of 719 MNOK (752 MNOK), a decrease of 4 per cent compared to Q1 2020. EBITDA ex. cyber-attack costs decreased from 86 MNOK in Q1 2020 to 83 MNOK in Q1 2021.”

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Back in January, the company reported that it became a victim of ransomware hackers.

At that time, AKVA said it had made “significant efforts” to review its IT security and has moved to secure its IT systems. However, the company also predicted that it will have “significant non-recurring costs” for Q1 2021 due to the cyber attack.

The company’s Q1 report said that damage to the cage-based technology segment was $5.2 million.

Damage to the land-based segment was around $485, 300.

Damage to the digital solutions segment is estimated at $363, 900.

“The financial profile remains strong, and the Group is fully financed to execute on the organic growth strategy,” the report said.