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