Palfinger, an Austria-based Hydraulics Engineering Company, is reported to have been hit by a ransomware attack late last week. And the crane manufacturer has assured that most of the digital disruption related repercussions faced by its branches worldwide will be solved by this weekend.
The company that operates with its products in almost 30 countries has made it official that its email systems were the worst hit in the file encrypting malware related attack.
Insider sources say that hackers are expecting enormous sums to free up the data from the malware. However, the company’s IT staff is confident that they could recover all the systems through backups without the need to pay a single penny to hackers.
However, trade analysts say that the company could suffer a business loss accounting to millions of pounds as the manufacturing of Hydraulic machines like cranes and forklifts has come to a dead halt. Network downtime, costs, remediation costs, hardware and software loss could add to the company’s agony apart from the reputational damage that could show an impact on the stocks of the company at the bullion market, if any.
Note- A ransomware is a kind of malware that locks down a database from access until a ransom is paid. Nowadays, hackers spreading ransomware are indulging in double extortion technique, where they hack into a network, steal a portion of data, and then lock down the database until a ransom in cryptocurrency is paid. If the victim denies paying the demanded sum, then the stolen data is sold of the dark web.