The Stock Price of a British Engineering Firm Drops Significantly After Revealing the Expense of a Cyber Attack

On Tuesday, Morgan Advanced Materials, a British company listed on the London Stock Exchange, informed investors that a cyberattack it experienced last month could cost up to £12 million, causing its shares to drop. In January, the company had detected unauthorized activity on its network and began managing the security incident. The incident has yet to be confirmed, but the description of the impact is consistent with ransomware. Morgan Advanced Materials stated that all of its manufacturing sites are operational, though some are using manual transaction processes while they work to restore their systems. Additionally, a few systems have been deemed irrecoverable, so the company is replacing them with a cloud-based enterprise resource planning solution. The cyberattack has caused a delay in production and shipping, which is expected to affect the company's margins. It is estimated that the adjusted operating profit for FY2023 will be 10-15% lower than previously expected. Vesuvius Plc, another similar business, also reported a cyber incident on Monday.

This Cyber News was published on therecord.media. Publication date: Tue, 07 Feb 2023 14:19:02 +0000


Cyber News related to The Stock Price of a British Engineering Firm Drops Significantly After Revealing the Expense of a Cyber Attack

Social Engineering: The Art of Human Hacking - Social engineering exploits this vulnerability by manipulating human psychology and emotions to gain unauthorized access to systems and data. Rather than directly breaking cyber defenses, social engineering tactics exploit human vulnerabilities - ...
1 year ago Offsec.com
Social Engineering Attacks: Tactics and Prevention - Social engineering attacks have become a significant concern in today's digital landscape, posing serious risks to the security and sensitive information of individuals and organizations. By comprehending these tactics and implementing preventive ...
10 months ago Securityzap.com
Cyber Insurance for Businesses: Navigating Coverage - To mitigate these risks, many businesses opt for cyber insurance. With the wide range of policies available, navigating the world of cyber insurance can be overwhelming. In this article, we will delve into the complexities of cyber insurance and ...
10 months ago Securityzap.com
Does Pentesting Actually Save You Money On Cyber Insurance Premiums? - Way back in the cyber dark ages of the early 1990s as many households were buying their first candy-colored Macintoshes and using them to play Oregon Trail and visit AOL chat rooms, many businesses started venturing into the digital realm as well by ...
1 year ago Securityboulevard.com
Cyber Insurance: A Smart Investment to Protect Your Business from Cyber Threats in 2023 - Don't wait until it's too late - get cyber insurance today and secure your business for tomorrow. According to the U.S. Federal Trade Commission, cyber insurance is a particular type of insurance that helps businesses mitigate financial losses ...
10 months ago Cyberdefensemagazine.com
Fighting ransomware: A guide to getting the right cybersecurity insurance - While the cybersecurity risk insurance market has been around for more than 20 years, the rapidly changing nature of attacks and the rise in the ransomware epidemic has markedly changed the nature of cyber insurance in recent years. It's more ...
11 months ago Scmagazine.com
The Stock Price of a British Engineering Firm Drops Significantly After Revealing the Expense of a Cyber Attack - On Tuesday, Morgan Advanced Materials, a British company listed on the London Stock Exchange, informed investors that a cyberattack it experienced last month could cost up to £12 million, causing its shares to drop. In January, the company had ...
1 year ago Therecord.media
Wargames director Jackie Schneider on why cyber is one of 'the most interesting scholarly puzzles' - In other games, we had people from Silicon Valley who were leading AI companies or cyber companies. What we found is those who had expertise in cyber operations were more likely to be more nuanced about how they used the cyber capability. On a larger ...
7 months ago Therecord.media
What CIRCIA Means for Critical Infrastructure Providers and How Breach and Attack Simulation Can Help - Cyber Defense Magazine - To prepare themselves for future attacks, organizations can utilize BAS to simulate real-world attacks against their security ecosystem, recreating attack scenarios specific to their critical infrastructure sector and function within that sector, ...
2 months ago Cyberdefensemagazine.com
Three Key Threats Fueling the Future of Cyber Attacks - Improvements in cyber security and business continuity are helping to combat encryption-based ransomware attacks, yet the cyber threat landscape is continually evolving. Protecting an organization against intrusion remains a cat and mouse game, in ...
8 months ago Cyberdefensemagazine.com
IT Professionals in ASEAN Confronting Rising Cyber Security Risks - The ASEAN region is seeing more cyber attacks as digitisation advances. In July 2023, the Association of Southeast Asian Nations officially opened a joint cyber security information sharing and research centre, or Cybersecurity and Information Centre ...
1 year ago Techrepublic.com
Rhysida ransomware gang claims British Library cyberattack - The Rhysida ransomware gang has claimed responsibility for a cyberattack on the British Library in October, which has caused a major ongoing IT outage. Rhysida is auctioning off the data it reportedly stole from the United Kingdom's national library ...
1 year ago Bleepingcomputer.com
Uncertainty Is the Biggest Challenge to Australia's Cyber Security Strategy - Political shifts could lead to changes in Australia's cyber security strategy. Early in 2023, as the Australian government started to craft its cyber security vision, it met with opposition at both ends of the political spectrum. On the right wing, ...
11 months ago Techrepublic.com
With Attacks on the Upswing, Cyber-Insurance Premiums Poised to Rise Too - An increase in cyber-insurance claims in 2023, driven by a more active threat landscape, will likely mean that last year's price plateau in cyber-insurance premium costs will be short-lived, according to industry experts. While premium costs fell by ...
11 months ago Darkreading.com
Cyber Insights 2023: The Geopolitical Effect - The result is more than a dozen features on subjects ranging from AI, quantum encryption, and attack surface management to venture capital, regulations, and criminal gangs. The Russia/Ukraine war that started in early 2022 has been mirrored by a ...
1 year ago Securityweek.com
9 Best DDoS Protection Service Providers for 2024 - eSecurity Planet content and product recommendations are editorially independent. We may make money when you click on links to our partners. Learn More. One of the most powerful defenses an organization can employ against distributed ...
1 year ago Esecurityplanet.com
British Library: Ongoing outage caused by ransomware attack - The British Library confirmed that a ransomware attack is behind a major outage that is still affecting services across several locations. Over 11 million visitors use the library's website annually, with more than 16,000 people using its collections ...
1 year ago Bleepingcomputer.com
Cyber Insights 2023: Cyberinsurance - The result is more than a dozen features on subjects ranging from AI, quantum encryption, and attack surface management to venture capital, regulations, and criminal gangs. In 2022, Russia invaded Ukraine with the potential for more serious and more ...
1 year ago Securityweek.com
Ransomware takes British Library goes offline - When the British Library was infected with ransomware, few could have predicted how damaging the attack would be. A month later, the Library's IT systems are still offline - and now hackers are threatening to sell stolen personal data too. On 31st ...
1 year ago Pandasecurity.com
How software engineering will evolve in 2024 - From artificial intelligence and digital twin technologies, to platform engineering rooted in devops principles, to chaos engineering techniques that enhance resilience, to the expanded use of internal developer portals that boost productivity, ...
1 year ago Infoworld.com
The Evolution of Cyber Threats: Past, Present, and Future - Cyber threats have evolved significantly over time, posing increasing risks to individuals, organizations, and governments in our interconnected world. Let's explore the past, present, and future of cyber threats to better understand how to protect ...
10 months ago Securityzap.com
Mississippi Creates New Cyber Unit and Names First Director - The state of Mississippi has recently announced the creation of a new dedicated cyber security unit, as well as the naming of its first director. The Mississippi Cyber Security Unit, headed by Director Kelly Hurst and backed by the Mississippi Office ...
1 year ago Securityweek.com
Meet Your New Cybersecurity Auditor: Your Insurer - As businesses deal with the fallout of massive ransomware waves, from Lapsus$ to Cl0p/MOVEit, an unlikely new entity is joining the regulatory bodies to raise the bar for cybersecurity: the cyber insurer. Their coverage requirements and ...
1 year ago Darkreading.com
British Library: Finances are healthy amid cyber rebuild The Register - The British Library is denying reports suggesting the recovery costs for its 2023 ransomware attack may reach highs of nearly $9 million as work to restore services remains ongoing. Reports at the weekend suggested the ransomware recovery costs were ...
11 months ago Go.theregister.com
British Library: Finances are healthy amid cyber rebuild The Register - The British Library is denying reports suggesting the recovery costs for its 2023 ransomware attack may reach highs of nearly $9 million as work to restore services remains ongoing. Reports at the weekend suggested the ransomware recovery costs were ...
11 months ago Packetstormsecurity.com

Latest Cyber News


Cyber Trends (last 7 days)


Trending Cyber News (last 7 days)