Norsk Hydro – did Corax predict it right?
Last week the global aluminium producer Norsk Hydro published the cost of the cyber attack it suffered back in March.
It reported the cost in the first quarter of the year was $35-41 million, and estimated a cost of $23-29 million in the second quarter, totalling $58-70 million.*
? Did Corax predict it right?
Prior to the attack, our model estimated a 57% probability of a cyber event affecting Norsk Hydro, and that the loss cost would be $53M (for a 1 in 100 year event). Some might say that’s a very accurate prediction. But we’re perfectionists. So naturally we’ll be using the information to refine the accuracy of our model, just as we always do for known cyber events.
* Source – Norsk Hydro quarterly presentation – slide 12