Garmin confirms ransomware attack took down services

Sport and fitness tech giant Garmin has confirmed its five-day outage was caused by a ransomware attack.

In a brief statement on Monday, the company said it was hit by a cyberattack on July 23 that “encrypted some of our systems.”

“As a result, many of our online services were interrupted including website functions, customer support, customer facing applications, and company communications,” the statement read. “We immediately began to assess the nature of the attack and started remediation.”

Garmin said it had “no indication” that customer data was accessed, lost, or stolen. The company said its services are being restored.

The tech maker previously attributed the incident to an “outage.” But sources familiar with the incident told TechCrunch that the outage was caused by file-encrypting malware.

TechCrunch previously reported that the attack was caused by the WastedLocker ransomware, citing a source with direct knowledge of the incident. WastedLocker is known to be used by a Russian hacking group, known as Evil Corp., which was sanctioned by the U.S. Treasury last year.

By imposing sanctions, the Treasury would have effectively made it illegal for any U.S. company to pay a ransom to get their files back.

During the outage, Garmin’s stock price fell from $102 to $94 per share. By afternoon trading on Monday, Garmin was up 3% to $100 per share.

Garmin is expected to report earnings on Wednesday.

Garmin global outage caused by ransomware attack, sources say

from TechCrunch https://ift.tt/3g5D3aB
via IFTTT

Comments

Max Q: Psyche(d)

In this issue: SpaceX launches NASA asteroid mission, news from Relativity Space and more. © 2023 TechCrunch. All rights reserved. For personal use only. from TechCrunch https://ift.tt/h6Kjrde via IFTTT

Max Q: Anomalous

Hello and welcome back to Max Q! Last week wasn’t the most successful for spaceflight missions. We’ll get into that a bit more below. In this issue: First up, a botched launch from Virgin Orbit… …followed by one from ABL Space Systems News from Rocket Lab, World View and more Virgin Orbit’s botched launch highlights shaky financial future After Virgin Orbit’s launch failure last Monday, during which the mission experienced an “anomaly” that prevented the rocket from reaching orbit, I went back over the company’s financials — and things aren’t looking good. For Virgin Orbit, this year has likely been completely turned on its head. The company was aiming for three launches this year, but everything will remain grounded until the cause of the anomaly has been identified and resolved. It’s unclear how long that will take, but likely at least three months. Add this delay to Virgin’s dwindling cash reserves and you have a foundation that’s suddenly much shakier than before. ...

What’s Stripe’s deal?

Welcome to The Interchange ! If you received this in your inbox, thank you for signing up and your vote of confidence. If you’re reading this as a post on our site, sign up here so you can receive it directly in the future. Every week, I’ll take a look at the hottest fintech news of the previous week. This will include everything from funding rounds to trends to an analysis of a particular space to hot takes on a particular company or phenomenon. There’s a lot of fintech news out there and it’s my job to stay on top of it — and make sense of it — so you can stay in the know. — Mary Ann Stripe eyes exit, reportedly tried raising at a lower valuation The big news in fintech this week revolved around payments giant Stripe . On January 26, my Equity Podcast co-host and overall amazingly talented reporter Natasha Mascarenhas and I teamed up to write about how Stripe had set a 12-month deadline for itself to go public, either through a direct listing or by pursuin...

Best Tech News Site

Search This Blog