Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF, FRA:VD5N) told investors that a cybersecurity incident at one of its US subsidiaries led to the diversion of around £0.7 million, after a single payment to a contractor was redirected to a third-party account.
The AIM-listed company said it notified law enforcement as soon as the issue was discovered and is now working with the relevant banks and external consultants to try to recover the funds. Zephyr described the attack as highly sophisticated.
The group said its IT systems have since been assessed by a leading cybersecurity consultant, with the incident now contained and operations continuing as normal. It added that extra layers of security have been put in place and its IT advisers are continuing to monitor systems.
Zephyr’s board also said the company has more than sufficient working capital, and that the incident will not affect its ability to continue ongoing operations.