American worldwide logistics and freight forwarding company Expeditors International shuts down global operations after cyber attack
American logistics and freight forwarding company Expeditors International was hit by a cyberattack over the weekend that paralyzed most of its operations worldwide.
Expeditors company has over 18,000 employees worldwide and has annual gross revenue of around $10 billion. The company discovered the attack on February 20, 2022, it doesn’t provide details about the attack and announced to have launched an investigation into the incident.
“Expeditors International of Washington, Inc. (NASDAQ:EXPD) announced that on February 20, 2022, we determined that our company was the subject of a targeted cyber-attack. Upon discovering the incident, we shut down most of our operating systems globally to manage the safety of our overall global systems environment.” reads the announcement published by the company.”The situation is evolving, and we are working with global cybersecurity experts to manage the situation. While our systems are shut down we will have limited ability to conduct operations, including but not limited to arranging for shipments of freight or managing customs and distribution activities for our customers’ shipments.”
The information publicly available on the attack suggests the company was the victim of a ransomware attack and was forced to shut down its network to avoid the threat from spreading.
The attack impacted the company’s operations, including the capability to arrange for shipments of freight or managing customs and distribution activities for our customers’ shipments.
The company hired cybersecurity experts to investigate the security breach and recover from the attack.
The company warned the incident could have a material adverse impact on our business, revenues, results of operations and reputation
“We are incurring expenses relating to the cyber-attack to investigate and remediate this matter and expect to continue to incur expenses of this nature in the future. Depending on the length of the shutdown of our operations, the impact of this cyber-attack could have a material adverse impact on our business, revenues, results of operations and reputation.” concludes the advisory.
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