ENGlobal Corporation (NASDAQ:ENG), a provider of engineering and automation services trading at $1.38 per share, reported a significant cybersecurity incident that occurred on November 25, 2024.
The Houston-based firm, which specializes in engineering services, detected the breach and promptly initiated containment and remediation efforts. These included launching an internal investigation, engaging external cybersecurity experts, and restricting access to its systems. As a result, the company has limited its IT system access to essential business operations, with the full restoration timeline remaining uncertain as of today.
ENGlobal has not yet ascertained the full extent of the cybersecurity incident or whether it will have a material impact on its financial condition or operating results. The company's statement in the SEC filing cautioned that forward-looking statements regarding the incident's containment, IT system restoration, and financial repercussions are subject to various factors. These include the ongoing investigation's findings and the potential that remediation efforts may not be fully successful.
While the company's response to the incident is underway, the implications for its operations and finances remain under close examination. This event highlights the ever-present cybersecurity risks faced by corporations and the importance of robust digital defenses in the modern business environment.
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