Vesuvius, a UK steel industry supplier, has revealed that a “cyber incident” has resulted in a cost of £3.5 million ($4.6 million) for the company. The specific details of the incident have not been disclosed. Despite the incident, Vesuvius announced that it had exceeded trading expectations.
This marks the second cyber incident reported by a British industrial ceramics manufacturer in 2023, following a similar incident reported by Morgan Advanced Materials in January, which could potentially cost them up to £12 million.
Vesuvius, an engineering company employing over 10,000 people, reported the cyber incident in February and recently confirmed the financial impact it had on the company.
While the nature of the incident remains undisclosed, Vesuvius expressed optimism by stating that they had surpassed trading expectations. As a result, the company’s shares saw a rise of 3% on the London Stock Exchange.
The incident suffered by Vesuvius follows a similar cybersecurity event reported by Morgan Advanced Materials, another British industrial ceramics manufacturer. Morgan, with approximately 7,800 employees globally, disclosed that their cyberattack could potentially cost them up to £12 million. The lack of specific details regarding the attacks, though consistent with ransomware characteristics, has left the nature and extent of the breaches undisclosed.
These incidents highlight the increasing threat of cyberattacks to companies across industries, including those in the manufacturing and engineering sectors.
As organizations face the growing challenge of protecting their systems and sensitive data, it becomes crucial to invest in robust cybersecurity measures to mitigate risks and safeguard against potential financial losses.
