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FedEx says cyber attack to hurt full-year results

Reuters 

(Reuters) - Package delivery company Corp said a disruption in services in its TNT Express unit following a last month would hurt its full-year

FedEx's shares fell as much as 3.4 percent to $211.53 in early trading as the company said the financial impact of the disruption on its was likely to be "material".

The Netherlands-based TNT Express is still experiencing widespread service delays following the attack, caused by the Petya virus that spread through a Ukrainian tax software product, said.

said it lost revenue due to decreased volumes at TNT Express and incurred incremental costs from contingency plans and remediation of affected systems.

The company said it did not have an insurance in place that covered the impact from the

FedEx, which is evaluating the financial impact of the attack, said it was unable to estimate when services at TNT Express would be fully restored. (http://bit.ly/2uAnQKG)

The company also said no data breach or data loss to third parties was known to have occurred as of July 17.

The Petya virus spread from Ukraine in June, crippling thousands of computers around the globe, with the shipping and logistics industry among those hit the hardest.

The malicious code encrypted data on machines and demanded victims $300 ransoms for recovery, similar to the extortion tactic used in the global WannaCry ransomware in May.

is scheduled to report its first-quarter in September.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Maju Samuel and Saumyadeb Chakrabarty)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 17 2017. 20:18 IST
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