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Tuesday, December 7, 2021

Vestas data “compromised” by cyber attack

COPENHAGEN. Wind turbine maker Vestas said Monday that the cyberattack, which it reported over the weekend, affected parts of its internal IT infrastructure and that data had been “compromised.”

The incident, whose financial implications are still unclear, came as Vestas juggles record clean electricity demand with supply constraints and high raw material costs that are dampening profitability.

Shares in the world’s largest wind turbine maker, which have already plummeted 25 percent this year before the cyberattack, fell about 3 percent in early trading on Monday.

Citi analysts note that in addition to concerns about the nature of the data breach, in the near term, the market will also focus on production delays and related costs, including the cost of solving the problem.

A cybersecurity incident on November 19 forced Vestas to shut down IT systems in several business units and locations to fix the problem, but the Danish company said it was able to continue working.

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The preliminary results of the investigation into the case also indicated that the incident did not affect clients.

“There is no indication that the incident affected third-party operations, including transactions with customers and supply chains,” the company said in a statement Monday, adding that it has begun a gradual reopening of all IT systems.

Vestas is already under pressure from supply chain problems, but said its manufacturing, construction and service teams were able to continue working despite the cyberattack.

This month, the company cut its 2021 forecast for the second time this year and posted quarterly earnings that were lagging behind forecast, causing its shares to plunge as much as 14 percent.

Stina Jacobsen

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World Nation News Deskhttps://www.worldnationnews.com
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