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Johnson Controls warns of earnings report delay due to cyberattack

Building solutions provider Johnson Controls warned of a delay in reporting its fourth-quarter results due to a previously disclosed cybersecurity incident, sending its shares down 1.3 per cent after the bell.

The company now expects to report its fourth-quarter and year-end results by Dec. 14.

“The cybersecurity incident caused disruptions to portions of the company’s systems that support or provide data used in financial reporting,” Johnson Controls said.

The incident, which was first detected on Sept. 23, involved unauthorized access and a ransomware attack by a third party, according to the company.

In ransomware attacks, hackers encrypt an organization’s systems and demand ransom payments in exchange for unlocking them. Often they also steal sensitive data and use it to extort victims and leak it online if the payments are not made.

Johnson Controls said it had largely restored the impacted applications and systems.

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