Forward Air Corporation says that December Ransomware attack caused a loss of $7.5M

Trucking and freight transportation logistics giant Forward Air Corporation said a December 2020 ransomware attack had $7.5M Impact.

Trucking and freight transportation logistics giant Forward Air Corporation announced that the ransomware attack that hit the company in December will impact its fourth-quarter financial results.

This week the company filed a FORM 8-K with SEC that revealed that the ransomware attack that took place in December impacted that infected its systems caused service delays.

The company spent at least two weeks to recover the operations, it also declared that the infection was expected to cause loss of revenue.

“The Company is in ongoing communication with its customers to address any interim service delays. Although the Company is actively managing this incident, it has caused and may continue to cause a delay in parts of the Company’s business and may result in a deferral or loss of revenue as well as incremental costs that may adversely impact the Company’s financial results.” reads the  8-K form filed with SEC “As of the date of this filing, all the Company’s terminals and facilities are operational.”

The security breach is expected to cause a loss $7.5 million of LTL revenue.

Forward Air did not reveal details on the attack such as the family of ransomware that infected its systems.

FreightWaves reported that the company systems were infected with the Hades ransomware.

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Pierluigi Paganini

(SecurityAffairs – hacking, Forward Air Corporation)

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