Vestas, a manufacturer of wind turbines, said on Monday that the cyber attack it disclosed over the weekend had impacted elements of its internal IT infrastructure and that data had been “compromised.”
Vestas is juggling unprecedented demand for green power against supply bottlenecks and high raw material costs, which are putting pressure on profit margins.
Shares of the world’s largest wind turbine producer, which were already down 25% this year before the cyber attack, fell another 3% in early trade on Monday.
In addition to concerns over the severity of any data breach, Citi analysts said in a research note that the near-term market focus will be on production delays and related costs, particularly the cost of correcting the issue.
Vestas had to shut down IT systems across various business units and locations to handle a cyber security incident on Nov. 19, but the Danish company said it was able to continue operations.
The event had no effect on the company’s consumers, according to the first findings of its investigation.
“There is no indication that the incident has impacted third party operations, including customer and supply chain operations,” its statement said on Monday, adding that it had started a gradual reopening of all IT systems.
Vestas is already dealing with supply chain issues, but said that despite the cyber assault, its manufacturing, construction, and service teams were able to continue operations.
The firm dropped its 2021 prediction for the second time this year and reported a quarterly profit that fell short of expectations, sending its stock down as much as 14%.