HanesBrands Inc. has received $20.5 million in insurance compensation for the 2022 ransomware attack that cost the company around $100 million in global sales. The apparel manufacturer disclosed the insurance payout in its third-quarter regulatory filing with the U.S. Securities and Exchange Commission (SEC), as the payment represents compensation for lost profits following the attack.
HanesBrands reported in 2022 that its ability to order materials, make and ship orders, and process payments had been negatively impacted during its second quarter due to a ransomware attack on the company’s information technology systems, which was identified on May 24. Following the incident, the company could not fulfill customer orders for about three weeks. Ransomware is malicious software employed by hackers to block access to a computer system until a ransom is paid.
