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: Manitowoc computer systems hobbled by ‘cybersecurity incident’

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Manitowoc Co. said late Wednesday that its network has been been hobbled by what it calls a “cybersecurity incident.”

In a statement, Manitowoc
MTW,
-1.66%

said the incident resulted in a “systems outage” that “has caused and may continue to cause a delay or disruption to the company’s business.”

The Milwaukee-based construction crane and equipment maker said it has engaged an unidentified “industry-leading third-party information technology firm and forensics specialist” to assist in an investigation of the incident.

Law enforcement has been notified of the incident and the company is working to restore its systems, Manitowoc said. Because of the incident, Manitowoc said that it will no longer participate in Thursday’s Stifel Virtual Cross Sector Insight Conference.

When asked for comment, a Manitowoc spokesman told MarketWatch, “We are still in the investigation phase and will provide more color when we are able,” adding that the company’s IP phone system was currently inoperable.

Manitowoc is just the latest major U.S. company to report cybersecurity attacks, which are on the rise as online criminals adopt organizational structures similar to those found in Silicon Valley tech companies. On Wednesday, meatpacker JBS said it paid $11 million in bitcoin to resolve its ransomware attack last week.

Shares of the company slipped more than 1% after hours, following a 1.7% decline to close the regular session at $26.12. Over the past 12 months, the stock is up 116%, compared with a 32% gain on the S&P 500 index
SPX,
-0.18%
.

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