FedEx said that it may not be able to recover all the systems affected by the Petya cyberattack and that the financial hit is unknown but "it is likely that it will be material" since the company didn't have cyber insurance.
On June 28, FedEx's global operations of its TNT unit were disrupted by the Petya attack. TNT operates in the European Union. Petya infiltrated FedEx via a Ukranian tax software product. FedEx said no data breach or data loss has occurred based on the company's current knowledge.
FedEx isn't the only company struggling to recover. Other enterprises also have recovered most systems, but may not fully restore the ones hit hardest by Petya.
- Ukraine calls out Russian involvement in Petya
- Petya ransomware: Companies count the cost of massive cyber attack
- Ransomware in disguise: Experts say Petya out to destroy not ransom
- Petya ransomware attack: What it is, and why this is happening again
- WannaCry: Why this ransomware just won't die
- Six quick facts to know about the Petya global ransomware attack
- After WannaCry, ransomware will get worse before it gets better
- Don't be the weak link that brings us all down: Keep your OS patched and up to date [TechRepublic]
In FedEx's filing, the company said its TNT depots, hubs, and facilities are operational with most services, but customers are seeing service and invoicing delays. FedEx has had to use manual processes for a "significant portion of TNT operations and customer service functions." FedEx couldn't say when TNT services will be fully restored.
As for FedEx's recovery plan, the company said it focused on operations, finance, back-office, and secondary business systems. FedEx couldn't put a price tag on the attack fallout, but it did note:
Given the recent timing and magnitude of the attack, in addition to our initial focus on restoring TNT operations and customer service functions, we are still evaluating the financial impact of the attack, but it is likely that it will be material. We do not have cyber or other insurance in place that covers this attack. Although we cannot currently quantify the amounts, we have experienced loss of revenue due to decreased volumes at TNT and incremental costs associated with the implementation of contingency plans and the remediation of affected systems.
The company said it is still committed to boosting operating income by $1.2 billion to $1.5 billion in fiscal 2020 relative to fiscal 2017.
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And more on securing the mobile enterprise:
- Enterprise mobility: BYOD, EMM, and new security approaches
- Research: Inconsistent IT policies create BYOD risks, wearable security lags behind smartphones and laptops
- Executive's guide to mobile security (free ebook)
- The state of mobile device security: Android vs. iOS
- Stress-reducing MDM tips for businesses managing Apple devices
- MDM for Android devices: What your business needs to know
- Best practices for managing the security of corporate-owned smartphones and tablets