Slightly more than half of about 1,000 IT security professionals from around the world surveyed earlier this year by the email security company Mimecast said their businesses had been affected by ransomware the previous year.
Garmin has yet to officially call it a ransomware attack, but Garmin employees have individually referred to it as such and even stated it's a new strain of ransomware called WastedLocker.
During the outage, Garmin's stock price fell from $102 to $94 per share.
'We are now experiencing an outage that affects Garmin Connect, and as a result, the Garmin Connect website and mobile app are down at this time, ' the update read. The company shared a statement both on its Twitter and website, which said that Garmin is "currently unable to receive any calls, emails, or online chats". "We are working to resolve this issue as quickly as possible and apologize for this inconvenience".
Garmin Outage Leaves Users Unable to Sync Runs Via Garmin Connect
This further fuelled the speculations that a ransomware attack was the reason behind the lengthy outage of Garmin services. It added: "We are working to restore our systems as quickly as possible and apologize for the inconvenience".
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Meanwhile, Taiwanese outlet iThome leaked an internal Garmin memo that the company's IT staff sent to its Taiwan-based factories, saying that two days of maintenance would occur from July 24 to July 25. "Garmin also provides services for aviators and sailors, meaning they may not be able to use their trusted apps for weather reports or filing flight plans".
A source told BleepingComputer hackers demanded a $10m ransom, an amount BleepingComputer was not able to independtly verify.
Confirmation of the attack comes as Garmin is still trying to get its online systems fully restored.
Garmin did not disclose the cause of the issues, but multiple employees took to social media and revealed that a ransomware attack had encrypted its internal network and some production systems, according to ZDNet.
Garmin said in its statement that customer data and payment details were not accessed or stolen in the attack.
They can also be posted to services such as Strava manually by connecting to a computer via USB, downloading the.fit file from the activities folder, and then uploading it from the computer to the website.