Blow to Morgan Advanced Materials as cyber-attack to cost millions to deal with

Shares in Morgan Advanced Materials tanked 7.5% to 292p this morning after the industrial manufacturer became the latest listed firm to fall victim to a cyber attack which it said would cost millions of pounds to tackle.

The 166-year-old firm warned the attack meant some of its IT systems were irrecoverable, and it had been forced to revert to manual transaction processes at a number of sites. The total cost of dealing with the incident could be as much as £12 million, the company said, as it slashed its full-year operating profit forecasts by 10-15%.

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Source: Yahoo! News