Freight forwarding giant's network attacked, global operations affected

Recently, the news that the network of freight forwarding giant Expeditors was attacked has attracted attention from the outside world.

The company's official website released announcements from the 20th to the 22nd of this month , saying that it is currently managing the global system downtime caused by a targeted cyber attack and is working hard to resolve the incident. On the 22nd, the company said that it is supporting its customers and stakeholders with backup programs and alternative solutions, and is working on system repairs.

It is understood that after this targeted cyber attack, Expeditors temporarily shut down most of its operating systems worldwide to ensure the security of its global systems. The company also stated that due to the uncertain duration of the system shutdown, the impact of this cyber attack may have a significant adverse impact on the company's business, revenue, operating results and reputation.

Founded in 1979 and headquartered in Seattle, Washington, USA, Expeditors has established its own logistics network in more than 350 locations in more than 100 countries. Its services include air and sea freight consolidation or transshipment, customs clearance, supplier consolidation, cargo insurance, etc.

Public data shows that in 1984, the company 's first year of listing , total revenue reached US$50 million and net income of US$2.1 million . In 2020, its revenue exceeded US$10 billion for the first time. In the fourth quarter of 2021, its operating income was US$624 million, a year-on-year increase of 121%, and its revenue reached US$5.4 billion, a year-on-year increase of 81%.

The company said in its earnings report on the 22nd that they were also affected by global supply chain problems. The industry has experienced unprecedented conditions due to crowded seaports, worker shortages, and the epidemic. In addition, as the serious imbalance between capacity and demand continues in the industry , there is simply not enough capacity in the air or at sea to meet the huge demand for cargo space .

However, the company still set a new record for airfreight tonnage in the fourth quarter, but in contrast, its ocean container volumes fell in the fourth quarter and its other business revenues grew.

Freight Forwarding

Network under attack