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FedEx Struggles to Bounce Back From Cyberattack

Customers waiting for packages abroad are experiencing significant delays as FedEx Corp. continues to reel from the effects of a June 27 cyberattack.

The delivery giant said this week in a securities filing that the global cyberattack known as Petya significantly affected the operations of its TNT Express business, which has delivery operations in the Middle East and Africa, Asia-Pacific, Europe and South America.

FedEx said while TNT depots, hubs and facilities are operational, it has resorted to manual processes to facilitate a significant portion of operations and customer service functions. The company said it couldn’t estimate when TNT services would be fully restored.

FedEx said the cyberattack will likely have a material financial impact on its operations and that lower volumes at TNT has already dented revenue. FedEx doesn’t have cyber insurance or any other insurance to cover the attack.

United Parcel Service Inc. and the U.S. Postal Service didn’t immediately respond to questions about whether they hold insurance policies to cover damage stemming from cyberattacks.

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The delivery giant said this week in a securities filing that the global cyberattack known as Petya significantly affected the operations of its TNT Express business, which has delivery operations in the Middle East and Africa, Asia-Pacific, Europe and South America.

FedEx said while TNT depots, hubs and facilities are operational, it has resorted to manual processes to facilitate a significant portion of operations and customer service functions. The company said it couldn’t estimate when TNT services would be fully restored.

FedEx said the cyberattack will likely have a material financial impact on its operations and that lower volumes at TNT has already dented revenue. FedEx doesn’t have cyber insurance or any other insurance to cover the attack.

United Parcel Service Inc. and the U.S. Postal Service didn’t immediately respond to questions about whether they hold insurance policies to cover damage stemming from cyberattacks.

Read Full Article