Fedex Says Cyber Attack To Hurt Full-Year Results

Xavier Trudeau
Juillet 18, 2017

FedEx said the company didn't have time to get cyber insurance to cover the attack on TNT Express.

"In addition to financial consequences, the cyber-attack may materially impact our disclosure controls and procedures and internal control over financial reporting in future periods", the company continued. However, TNT operates from Ukraine which was the hub of the cyber attack.

FedEx said it has experienced loss of revenue due to decreased volumes at TNT Express, incremental costs from contingency plans and remediation of affected systems.

FedEx is still reeling from a cyber attack on a subsidiary the company recently purchased.

FedEx said it was unable to estimate when services at the unit would be fully restored. The company said TNT Express customers are still experiencing widespread service delays, but added that no data breach or data loss to third parties is known as of today.

The malicious code encrypted data on machines and demanded victims $300 ransoms for recovery, similar to the extortion tactic used in the global WannaCry ransomware attack in May.

FedEx is scheduled to report its first-quarter results in September.

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