NWF shares trade again after £500,000 cyber attack

Chesire-based NWF Group plc, the agricultural business that delivers feeds, food and fuel across the UK, said its shares resumed trading on Thursday following a “cyber incident” that will cost the firm £500,000.

NWF said it is satisfied the incident has been contained and additional security measures have been applied to all of the group’s IT systems. The firm’s shares fell about 4% after resumption of trading.

The company said “no information material to the running of the business was irretrievably lost as a result of the incident” and it “does not expect that the incident is likely to result in any material impact on underlying trading.”

Investigations into the incident continue and the firm said it “will continue to assess (with the benefit of specialist advice) its legal obligations in connection with the incident.”

In a stock exchange statement, NWF said: “As set out in the announcement of 2 November 2020, upon becoming aware of unauthorised access to its IT systems, the group acted promptly to instigate precautionary measures and engaged specialist external support to contain and manage the incident.  

“Following extensive investigations, supported by cyber security experts, the group is satisfied that the incident has been contained and additional security measures have been applied to all of the group’s IT systems. 

“The group confirms that no information material to the running of the business was irretrievably lost as a result of the incident.  

“Despite the temporary shut down of certain systems, the group is pleased to report that each of its three divisions has continued to operate with minimal disruption and the board does not expect that the incident is likely to result in any material impact on underlying trading.

“Investigations into the incident continue and, as more information becomes available, the group will continue to assess (with the benefit of specialist advice) its legal obligations in connection with the incident. 

“It is expected that the costs associated with the group’s response to the incident will be approximately £0.5 million net of recoveries under the group’s existing cyber insurance and as such the overall financial impact on the group is not expected to be material. 

“Further updates in relation to the incident will be made as appropriate.

“Having successfully contained this incident the board has requested that trading in the company’s ordinary shares recommence with effect from 07.30 a.m. this morning.”

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