Garmin has confirmed the reason for the system failures after several days of disruption to various company services. The company was therefore the victim of a “cyber attack that encrypted some of our systems on July 23”. Initially, the company justified the limited availability of service offers for private customers and companies with maintenance work.
However, speculation about a ransomware attack had started immediately after the incident became known. The rumors were supported by statements from employees of the company. Accordingly, it should be the ransomware WastedLocker – an official confirmation is still pending.
“As a result, many of our online services, including website functionality, customer support, customer-centric applications, and corporate communications, have been interrupted. We immediately started evaluating the type of attack and fixing it. We have no evidence that customer information, including Garmin Pay payment information, has been accessed, lost, or stolen. In addition, the functionality of Garmin’s products was unaffected, with the exception of the ability to access online services, ”the company said.
Among other things, the synchronization service Garmin Connect and Garmin’s flight database service were not available. The latter use pilots, among other things, to plan flights and keep their navigation devices up to date – a procedure that is actually prescribed by the US Aviation Safety Agency.
According to the company, some of the affected systems have already been restored. Garmin plans to return to normal operations in the coming days. “We do not expect this failure to have a material impact on our operating or financial results. As our affected systems are restored, we expect some delays while the backlog is being processed. ”
If there is a silver lining in this latest security incident, it will hopefully serve as a wake-up call for Garmin and every company in 2020, ”said Sam Curry, Cybereason’s chief security officer, commenting on the attack. “In the short term, it’s critical that Garmin doesn’t try to be the victim of this attack because neither Wall Street nor its customers will benefit from it.”
So far, the hacker attack has done little harm to Garmin’s share price. If the paper was trading at just over $ 101.35 just before the ransomware attack, it closed yesterday’s trading day at $ 100.29. However, disclosure of the attack and yesterday’s ransomware infection confirmed the price temporarily plummeted to below $ 95. However, it was always far from the current 52-week low of $ 61.04.
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