Summary
Arthur J. Gallagher & Co. (AJG) announced in an 8-K filing dated September 28, 2020, that they detected a ransomware incident impacting a limited portion of their internal systems on September 26, 2020. In response, the company took all global systems offline as a precautionary measure, initiated response protocols, launched an investigation with external cybersecurity experts, and implemented business continuity plans to ensure minimal customer disruption. As of the filing date, most business systems were being restarted or were in the process of being restarted. While the company is in the early stages of assessing the full impact, they currently do not expect the ransomware incident to have a material adverse effect on their business, operations, or financial condition. Investors are cautioned that this report contains forward-looking statements subject to risks and uncertainties, including the ongoing assessment of the incident and potential legal, reputational, and financial risks associated with cyberattacks.
Key Highlights
- 1Ransomware incident detected on September 26, 2020, affecting a limited portion of internal systems.
- 2Company promptly took global systems offline as a precautionary measure.
- 3Engaged external cybersecurity and forensics professionals to assist with investigation and response.
- 4Implemented business continuity plans to minimize customer disruption.
- 5Most business systems are being restarted or are in the process of being restarted as of the filing date.
- 6Company does not currently expect a material impact on business, operations, or financial condition.