Cyber incident and trading update7 Feb 2023 10:46
Shame this company trades where it does. Growing, profitable, pays a dividend.
£8m -£12m costs associated with recovery....That's some fee + damage. Whilst frustrating, incidents such as this are not uncommon and if you're going to be connected to the Interweb, you really need to have robust security. Either they have in house IT or outsource it, in both cases they need to be looked at. If management have been thrifty and denying the need for robust security, they need to be held to account. I'm sure being savvy in this area in today's day and age is almost a legal requirement of an executive/director member of the board. You can't just say ''no' to securing your infrastructure. That's a complacency and your customers have a right to be concerned. ISO9001 anyone?
One thing about this which is interesting is why MGAM? WHy hack them? Do they have secrets which could give competitive advantage? Or was it simply denial of service and to cause nuisance?
..............
Exceptional costs associated with the incident could amount to approximately £8m to £12m, comprising specialist professional fees, as well as costs associated with recovering a number of systems across the Morgan Group.
It remains challenging to estimate precisely the extent of any impact on our H1 2023 trading. During January, a number of sites experienced a delay in restarting production and shipping due to the cyber security incident. Whilst demand has remained strong during January, we are experiencing production inefficiency during the recovery period which, based on current estimates, could lead to adjusted operating profit for FY2023 being approximately 10% to 15% below our previous expectations.
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