Expeditors International of Washington, Inc. (NASDAQ: EXPD) disclosed that it has detected a cyber-attack in the company. After noticing the attack, the company, the company has closed most of its operating systems all around the world to manage the safety of its overall global systems environment. The company has confirmed that the situation is changing as it is collaborating with global cybersecurity experts to handle the situation.
Expeditors International revealed that its top concerns include ensuring the security of its systems, reducing the impact on its clients, and providing real-time feedback to them. Moreover, the company is conducting a careful analysis to guarantee that its systems are recovered quickly and securely, while also reviewing methods to lessen the impact of this occurrence on its customers with service providers.
Furthermore, the company disclosed that it has a restricted ability to execute operations while its systems are down. The company has not restricted organizing freight shipments or coordinating customs and delivery activities for its clients' products. Additionally, Expeditors International of Washington stated that it is paying costs related to the cyber-attack to explore and repair the situation.
Moreover, the company plans to keep incurring costs in the future. The effect of this cyber-attack might have a material negative impact on the company’s business, sales, operating results, and image, depending on how long its operations are shut down. The company confirmed that it is too early to confirm when it will resume its operations, but it will give regular updates when it can do so for sure.