By Christiana Sciaudone
Investing.com - It was a cyber attack. Garmin (NASDAQ:GRMN) finally came out and explained why their systems crashed last week, saying operations should be back to normal over the next few days.
Shares are trading at a near-record after falling 5% last week.
Garmin was reportedly being asked to pay a $10 million ransom to free its systems after being attacked by WastedLocker ransomware, BleepingComputer said last week, citing a source.
Garmin said it was a victim in an attack that encrypted some systems on July 23. Online services were interrupted including website functions, customer support, customer facing applications, and company communications. The company says t has no indication that any customer data, including payment information, was accessed, lost or stolen. Additionally, the functionality of Garmin products was not affected, other than the ability to access online services.
“We do not expect any material impact to our operations or financial results because of this outage,” Garmin said in a statement.
Garmin reports earnings this week.