HomesecurityForward Air: Ransomware attack cost the company $ 7,5 million!

Forward Air: Ransomware attack cost the company $ 7,5 million!

Freight and trucking company "Forward Air" revealed that it was recently attacked by ransomware, which "cost" it $ 7,5 million from the financial results of the 4th quarter. The amount was described as a loss of revenue from the LTL freight company (less than a truck load) and not as a cost to deal with the incident.

Forward Air reported on documents SEC filed on February 3 that the losses occurred mainly due to the company's need to temporarily suspend electronic interfaces data with its customers.

Forward Air: Ransomware attack cost the company $ 7,5 million!

The ransomware attack, which took place on December 15, 2020 and was recognized as the ransomware attack "Hades", forced the company to put all systems IT outside connection, to deal with the invasion and repair any damage.

According to a report released by Freight Waves, the ransomware attack led to a huge shutdown of Forward Air, as drivers and Employees they couldn't have access the necessary documents for the clearance of transport through customs.

Ransomware attack

According to ZDNet, although Forward Air said it had successfully recovered from the attack, the filing of SEC documents and the huge amount of money the incident cost the company prove once again why most investigators security emphasize the importance of prevention, and not just treatment, for the ransomware problem.

The SEC documents filed do not state whether Forward Air pays the ransom claim or whether it has an insurance company that pays for it.

Forward Air: Ransomware attack cost the company $ 7,5 million!

According to a report released this week by Coveware, a company that handles ransomware payment transactions, more and more companies are choosing not to pay ransom to hackers, as no one guarantees that ransomware gangs will delete the stolen data.

It is noteworthy that more and more Companies they choose today to rebuild from scratch.

However, despite the drop in ransom payments, 2020 was ransomware's biggest year. Specifically, a report from the research company blockchain Chainalysis estimates that ransomware gangs made at least $ 350.000.000 in ransom payments in 2020, up 311% from 2019.

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