Sopra Steria to take multi-million euro hit on ransomware attack
IT services firm Sopra Steria says it expects the ransomware attack it suffered earlier this year to hit its operating margins by up to €50 million.
It now says that the fallout, with various systems out of action, is likely to have a gross negative impact on operating margin of between €40 million and €50 million.
The group’s insurance coverage for cyber risks is EUR30 million, meaning that negative organic revenue growth for the year is now expected to be between 4.5% and five per cent (previously between two per cent and four per cent). Free cash flow is now expected to be between €50 million and €100 million (previously between €80 million and €120 million).
However, Sopra Steria says sales activity for the fourth quarter should not be significantly affected by the hack and that it has not identified any data leak.
