The Company AGCO was recently hit by a ransomware attack. This AGCO is a company that worldwide manufactures and distributors of agricultural equipment. AGCO announced that on May 5, it experienced a ransomware attack that impacted some of its production facilities.
They started investigating the attack and are anticipating that their business operations will be affected for several days and even longer. The attack is still unknown when business operations will fully resume services and will depend on how quickly the company can repair its systems.
“Our expectations concerning resolving the issues are forward-looking statements, and actual results could be materially different due to several factors, including our ability to successfully reinstall software and restore IT operations at the affected sites,” said AGCO Vice President Greg Peterson on May 6.
Even the Vice President is becoming aware of the attack and to minimize any damage to their IT environment, they stopped using several key systems, which resulted in the closing of a majority of production sites and parts operations. Their efforts to restore the systems and business operations are currently ongoing. They currently anticipate restarting some of the affected production sites and parts operations that are already in the affected state.
The company AGCO cybersecurity experts analyzed the involvement of this ransomware attack and the damage it can cause. The basic need of this attack is to encrypt and shut down the whole computer system within a company. They put malware and make it impossible to open any files on the computers or networks. And as the name implies hackers behind this malware hold companies hostage until they decide o pay or restore systems from scratch.
