Cyber-attack shuts down industrial production for the week

Production at the West Flemish weaving machine producer Picanol will be at a standstill for the rest of the entire week.  The company is the victim of a ransomware cyber-attack. 

Production has been hit at plants in Ieper (West Flanders), China and Romania as the company is no longer able to access its own IT systems.  Picanol’s entire production process is guided by computers. The company’s share was suspended on the Brussels bourse on Tuesday. Picanol will have to foot the bill for all the economic damage resulting from the attack. Businesses can ensure themselves against cyber-attacks, but the practise is not widespread.  No compensation from the authorities is available.  However, the Flemish authorities are investing in prevention and in scientific research to help prevent cyber-attacks.  100 million euros has been earmarked for this purpose during the next five years.

Picanol has now enlisted the help of external experts to help solve its problems.