Boston Scientific hit by cyberattack, global operations affected

• The incident is the latest in a series of cyberattacks to hit the healthcare sector, with medical device makers Abbott Laboratories, Stryker and Medtronic, health insurer Clover Health, drugmaker Novo Nordisk and drug-delivery equipment supplier West Pharmaceutical Services among those recently hit.
• The attack is expected to continue affecting parts of the company's business while recovery efforts are underway, Boston Scientific said.
• Evercore ISI analyst Vijay Kumar said Stryker's cybersecurity incident earlier this year took about three weeks to resolve and assuming a similar recovery timeline, Boston Scientific could face a roughly 600 to 700 basis-point impact on third-quarter revenue.
• Boston Scientific said it has not determined whether the incident was reasonably likely to have a material impact on its business.
• An investigation is ongoing, but the full scope and nature of the incident have not yet been determined, the company said.

Boston Scientific said on Wednesday that a cybersecurity incident had disrupted global operations, including some information systems used to process and ship customer orders.

The medical device maker said it detected the incident on August 25 and had activated incident-response procedures, working with third-party cybersecurity specialists to investigate and contain the threat.

Shares of the company fell about 5% premarket.