Schumag Aktiengesellschaft, a leading manufacturer of precision steel parts, announced it has been the victim of a cyberattack, which has caused significant disruptions to its operations. As a result of this attack, the company was unable to proceed with its Annual General Meeting (AGM) scheduled for September 25, 2024. The cancellation was confirmed by the company’s management and approved by the Supervisory Board, citing the attack’s interference with their ability to conduct the meeting as planned. The company expressed regret over the inconvenience caused to shareholders and assured them that a new AGM would be convened as soon as possible.
While the cyberattack has temporarily halted the company’s ability to hold its AGM, Schumag has managed to resume production in most areas. This indicates that the company’s manufacturing operations, which involve producing complex precision steel components, were able to continue despite the disruption. The attack, however, has created uncertainty regarding its full consequences, with the company’s management unable to yet assess the extent of the damage or identify the exact methods used in the attack.
Schumag Aktiengesellschaft produces precision steel components, particularly for customers in the mold and tool-making industries. The company’s products are tailored to meet customer specifications and are delivered worldwide, including in large quantities. Despite the attack’s disruptive nature, the company’s core manufacturing functions have largely continued, ensuring that production schedules have not been entirely derailed. However, the cyberattack remains a critical concern for the company’s leadership as they work to restore operations fully.
In response to the cyberattack, Schumag has emphasized that they are taking all necessary steps to address the situation, though the precise details of the attack and any long-term effects on the company’s infrastructure are still unclear. The company has expressed a commitment to rescheduling the AGM as soon as possible to meet its obligations to shareholders. As Schumag works to recover from this disruption, they are focused on securing their operations and mitigating any future risks from similar cyber incidents.
Reference:
