AGCO Shares Update on Recovery from Ransomware Cyber Attack

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AGCO Shares Update on Recovery from Ransomware Cyber Attack-01
AGCO Shares Update on Recovery from Ransomware Cyber Attack

AGCO, Your Agriculture Company (NYSE:AGCO), a worldwide manufacturer and distributor of agricultural equipment and infrastructure, announced today that the Company’s efforts to restore systems and business operations are continuing successfully following a ransomware cyber attack that was discovered on May 5, 2022. A majority of the affected production sites and parts operations resumed operational activities last week or today. The remainder of the sites are expected to begin operations during the balance of this week, such that all factories and parts operations are operating by the end of this week.

The Company also reported that there had been data exfiltration as a result of the ransomware cyber attack. While the Company does not have retail operations, and therefore no privacy-protected consumer data, the Company is still evaluating the scope and consequences of the data loss. Although damage from the ransomware cyber attack could require more in-depth, and lengthy, remediation and recovery than is currently expected, the Company currently expects to be able to mitigate the production loss from the ransomware cyber attack by increasing production over the remainder of 2022.

Also Read: Four Approaches to Strengthen Cyber Resilience Following a Ransomware Attack

Cautionary Statements Regarding Forward-Looking Information

Our expectations with respect to recovering from the ransomware cyber attack are forward-looking statements, and actual result may differ materially from our current expectations for a number of reasons, including the possibility that the damage to our systems is more extensive than we understand, that we may be subject to further follow-on ransomware cyber attacks, and that our recovery may take longer than expected.

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