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Garmin Confirms Cyber Attack Knocked Users Offline

Garmin says that it was the victim of a cyber attack on July 23 that hindered the functionality of its products, but user information was not compromised.
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Garmin  (GRMN) - Get Garmin Ltd. Report confirmed Monday that it was the victim of a cyber attack on July 23 that encrypted some of the company's systems, resulting in outages over the past five days. 

The sports and fitness wearable maker said that there was no indication that customer data was compromised in the attack. 

The functionality of the company's products was also not affected in the attack, just the ability to access online services, according to Monday's announcement. 

"Affected systems are being restored and we expect to return to normal operation over the next few days. We do not expect any material impact to our operations or financial results because of this outage," Garmin's statement said. 

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The company said it is expecting some delays as its affected systems are restored due to the backlog of information that will be processed while it comes back online. 

During the outage, Garmin's stock fell to $94 per share from $102 per share. Garmin's shares were up 3.4% to $100 per share. 

Ransomware attacks occur when bad actors infect a computer or server, locking out the owner of the hardware until the victim pays a ransom at which point the hacker releases their hold on the victim's hardware. 

TechCrunch previously reported that the attack was caused by the WastedLocker ransomware, which is known to be used by a Russian hacking group know as Evil Corp. 

The U.S. Treasury sanctioned Evil Corp last year, making it illegal for any U.S. company to pay a ransom to the group in order to get their files back.