AGCO Update on Ransomware Recovery

This week AGCO announced that company 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 have resumed operational activities. 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.

Source: AGCO Release