August 17, 2017 by

NotPetya CyberAttack Costs Shipping Giant $300 Million

The global cyberattack which struck a number of companies around the globe will cost the world’s biggest shipping firm up to $300 million in lost revenue.

Shipping operator Maersk, the owner of the world’s biggest container shipping company has revealed that that the June cyberattack will wipe out up to $300 million in profits in Q3 2017.

“Business volumes were negatively affected for a couple of weeks in July, and, as a consequence, our third quarter results will be impacted,” stated Maersk CEO Soren Skou in a statement.

He added:

We expect that the cyber-attack will impact results negatively by [between] $200 and $300 million.

The figures are noteworthy, if only for the fact that it is the first time that a company has been able to publicly reveal specific figures of the cost of NotPetya, a cyberattack that made global headlines earlier this year. It is the second major cyberattack, after the WannaCry ransomware, to impact a number of countries globally.

In July, the shipping giant admitted that NotPetya had affected operations in a number of ports around the world leading to a large backlog of shipments. At the time, the company did not quantify the impact of the losses, or put a figure on the cost on operations.

While Maersk is slowly recovering from the cyberattack, other major companies are still left reeling from the effects of NotPetya. Global parcel delivery giant TNT Express has admitted that permanent data losses are a possibility due to NotPetya. A full three weeks after the outbreak, the company was still trying to recover from the outbreak. The company’s staff was forced to resort to manual paper entries when the company’s IT systems failed.

Image credit: Wikimedia.

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LIFARS is the global leader in Digital Forensics and Cyber Resiliency Services. Our experience spans two decades working on high profile events, often in concert with Law Enforcement Agencies around the world. Our proprietary methodology derives directly and indirectly from our experience working with and for U.S. Intelligence Agencies, Interpol, Europol, and NATO. We are solely dedicated to Cyber Resiliency and thus pay close attention to all aspects of our clients’ engagements experience while providing a strategic and integrated array of services to minimum risk and disruption while protecting your brand.

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