AGCO - Agco resumes majority of production activities after ransomware cyber attack

Agco (NYSE:AGCO) said Monday its efforts to restore systems and operations are continuing successfully after a ransomware cyber attack was discovered on May 5. Majority of the affected production sites and parts operations resumed activities last week or on Monday. The remaining sites are expected to begin operations this week, such that all factories and parts operations are operating by the end of the week. AGCO also said there had been data exfiltration due to the cyber attack. The firm is still evaluating the scope of the data loss. AGCO does not have retail operations, and therefore no privacy-protected consumer data. AGCO expects to be able to mitigate production loss from the cyber attack by increasing output over the rest of 2022. Damage from the cyber attack could require more in-depth remediation and recovery than is currently expected.

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Agco resumes majority of production activities after ransomware cyber attack