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  • British engineering company Morgan Advanced Materials shares significantly squandered due to the hacker attack


    Investors rushed to sell their securities when they found out how much money the company had spent to restore production.

    Morgan Advanced Materials is one of the 350 most highly valued companies listed on the London Stock Exchange. It designs and manufactures industrial components and materials used in electric vehicles, solar panels and the semiconductor industry. The company has 85 branches in 30 countries and a total of about 7,800 employees.

    On January 10, the company announced that it had detected unauthorized access to its network and was addressing the consequences. The company did not clearly indicate the nature of the attack, but according to the latest data from one of the reports for investors published on February 7, the attackers used ransomware.

    The company said that all of its production sites are operational, although some processes are still carried out manually, as some internal systems have not yet been restored. Specialists are actively working on this, simultaneously implementing cloud solutions for enterprise resource management.

    “Exceptional costs associated with the incident could range from £8 million to £12 million, including specialist fees, as well as costs associated with the restoration of a number of systems at the Morgan Group,” the company said in the latest report on February 7. Shares of Morgan Advanced Materials (ticker: MGAM) fell 5% on the London Stock Exchange following the announcement.

    “While demand remained strong in January, we are experiencing production inefficiencies during the recovery period. This, based on current estimates, could result in FY 2023 adjusted operating income approximately 10-15% below our expectations,” the company added.

    Shares of Morgan Advanced Materials tumbled as investors became aware of unplanned expenses and an expected decline in earnings this year. It seems that transparent business conduct and honesty to investors played a cruel joke on the company.

    Vesuvius, the world leader in the steel industry, was previously hacked by another major British industrial manufacturing company. It is not known for certain which groups are behind the attack on Vesuvius and Morgan Advanced Materials. It is possible that these incidents are related.

    Author DeepWeb
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