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November 22, 2021

Vestas recovers from cyber attack and data breach

Integrated wind company Vestas has started restoring IT systems after a cybersecurity breach caused it to shut down internal operations.

By Matt Farmer

Integrated wind company Vestas has started recovering data after a cyber security breach of internal systems.

Free Report
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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
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A company spokesperson said on Saturday that the company noticed the intrusion into its systems on Friday 19 November. In order to minimise the issue, the company shut down its IT systems “across multiple business units and locations”. This disrupted communication with customer systems, but the company has since restored functionality.

On Monday, the company announced that intruders had compromised Vestas’ internal IT systems and taken data. However, the company had found “no indication” that the breach had affected customer systems.

Vestas’ manufacturing, construction, and service teams continue operations, though several operations systems remain offline. The company said it has “initiated a gradual and controlled reopening” of all IT systems.

The company said it has worked with external partners to investigate the breach, and that it will provide further updates when available. The investigation continues.

Vestas’s stock fell following the announcement, with shares trading approximately 4% lower than at the end of last week.

Denmark-based Vestas, one of the world’s largest wind turbine manufacturing and operations companies, has had a difficult year. Within 2021, it has lowered its operating profit forecasts twice, taking it from 10% to 4%.

The company blamed supply-chain issues and material prices for the changes. Steel prices have risen sharply since the start of 2020, by almost 50% between the start of 2020 and October 2021. In recent weeks, the price has crashed back down by 25%.

In October, the Vestas announced it would combine its operations in China and South-East Asia.

Related Companies

Free Report
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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

November 22, 2021updated 09 Dec 2021 1:02pm

Vestas recovers from cyberattack and data breach

Integrated wind company Vestas has started recovering data after a cybersecurity breach of internal systems.

Free Report
img

Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

A company spokesperson said on Saturday that the company noticed the intrusion into its systems on Friday 19 November. In order to minimise the issue, the company shut down its IT systems “across multiple business units and locations”. This disrupted communication with customer systems, but the company has since restored functionality.

On Monday, the company announced that intruders had compromised Vestas’ internal IT systems and taken data. However, the company had found “no indication” that the breach had affected customer systems.

Vestas’ manufacturing, construction, and service teams continue operations, though several operations systems remain offline. The company said it has “initiated a gradual and controlled reopening” of all IT systems.

The company said it has worked with external partners to investigate the breach, and that it will provide further updates when available. The investigation continues.

Vestas’s stock fell following the announcement, with shares trading approximately 4% lower than at the end of last week.

Denmark-based Vestas, one of the world’s largest wind turbine manufacturing and operations companies, has had a difficult year. Within 2021, it has lowered its operating profit forecasts twice, taking it from 10% to 4%.

The company blamed supply-chain issues and material prices for the changes. Steel prices have risen sharply since the start of 2020, by almost 50% between the start of 2020 and October 2021. In recent weeks, the price has crashed back down by 25%.

In October, the Vestas announced it would combine its operations in China and South-East Asia.

Related Companies

Free Report
img

Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

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