A cybersecurity incident will cost the Brunswick Corporation as much as $85 million, the company’s CEO told investors last week.
The billion-dollar boating manufacturing firm announced a cyberattack on June 13 that impacted their systems and some of their facilities. The company brought in nearly $6 billion in revenue in 2021 and operates in 24 countries.
Brunswick officials did not confirm that the incident was a ransomware attack but said they were forced to stop operations in some locations while experts and law enforcement dealt with the incident.
During the company’s earnings call last week, CEO Dave Foulkes told investors and board members that the attack had a devastating effect on the company’s Q2 financial outlook.
Foulkes explained that the “IT security incident” caused “second quarter financial results that were lower than initial expectations.” After announcing the incident, it took the company nine days to get back up and running — critical time lost for a manufacturing company of Brunswick’s size.