European IT giant lost 50 million euros due to cyber attack

At the end of October 2020, the Sopra Steria company was targeted by Ryuk ransomware. The lion’s share of the destruction from the attack paid for the expense of rebuilding devices.

7:22 GMT, Monday, November 30, 2020
Insurance is not going to compensate
Sopra Steria, a French IT company, announced that the estimated financial damages stemming from the latest cyber attack would amount to EUR 40-50 million.

“Operating margins of between EUR 40 million and EUR 50 million will be damaged by the rebuilding process and the varying degrees of unavailability of different systems after October 21, 2020,” Sopra Steria said in a statement. The amount of insurance premiums for the company’s cyber risks is EUR 30 million.’

Back on October 21, Sopra Steria admitted the cyberattack, but her press service initially declined to release any information. It was not until the very end of November that the company stated that the Ryuk ransomware was behind the attack, and that some days before it was detected, the attack had begun.

The technology of Sopra has been undergoing remediation since October 26, and to date, almost all of its “workstations, development and production servers, and internal tools and applications.” have been retrieved by the company. No data breaches were detected, and no disruption to client networks.

Sopra Steria is a French IT consultancy and services business with a 2018 turnover of EUR 4 billion.

Normal damage sustained by

The harm sustained by ransomware in 2020 was similarly predicted, as noted by Bleeping Machine, Cognizant Corporation, the world’s largest provider of IT infrastructure maintenance services, and Norsk Hydro, a major Norwegian aluminum manufacturer.

In April, Maze effectively targeted Cognizant; the company estimates losses in the range of $ 50-70 million at the end of the financial year.

LockerGoga ransomware targeted Norsk Hydro, causing some of the development to be briefly moved to manual mode. Damages was valued at 33-39 million dollars.

“The damage that ransomware attacks inflict, irrespective of whether the ransom is paid and in what amount, is tens of millions of dollars,” says Anastasia Melnikova, an information security specialist at SEC Consult Services. – The brunt of the harm comes from compulsory downtime plus the expense of repairing job and computer availability networks, irrespective of whether they have been backed up or the perpetrators have been given a decryption key ransom. Prevention, as usual, is, ultimately, cheaper than remediation. “