Weir Group, an engineering firm, has admitted to becoming the victim of a ransomware attack, which would most certainly impair revenue in the third quarter of the year.
The corporation was compelled to isolate and take down certain of its systems, including “critical Enterprise Resource Planning (ERP) and engineering applications,” after the attack in the second half of September.
While the company’s response to the issue was swift and effective, several of the affected apps have yet to be entirely restored, according to the Glasgow-based firm.
“These apps are now partially restored, and other applications are being gradually brought back online in order of business priority,” Weir Group said in a statement.
Weir Group continues to endure engineering, manufacturing, and shipment interruptions as a result of these activities. According to the corporation, this resulted in “revenue deferrals and overhead under-recoveries.”
“Effective capabilities are gradually being restored in the next weeks,” the business writes, “but the effects of the operational disruption and accompanying inefficiencies are projected to persist into the fourth quarter.”
While the incident had no effect on orders in the third quarter, it is projected to have a negative impact on revenue.
“While the majority of the revenue missed in September is projected to be shipped in Q4, the temporary disruption to our end-to-end value chain is likely to cause some Q4 revenue slippage into 2022, as well as some overhead under-recovery,” the business stated.
Weir Group is a multinational engineering business based in Scotland that specialises in minerals and mining technology. The corporation was started in 1871 and currently employs over 15,000 people.
