Manufacturing services tech giant hit by cyber attack

One of the world’s largest suppliers of manufacturing technology was hit this weekend by a cyberattack that affected its IT systems at several international sites.

Volex, a UK-based company that produces a range of electrical products for data centers, electric vehicles and more, said on Monday that hackers had gained access to some of its computer systems and data.

“Upon becoming aware of the incident, the Group implemented its established IT security protocols and took immediate action to stop unauthorized access to its systems and data. Specialist third party consultants have been engaged to investigate the nature and extent of the incident and to implement the incident response plan,” they said. said.

“The measures taken to date have ensured that all sites remain operational, with minimal disruption to global production levels, and that the Group continues to trade with its customers and suppliers. At this stage, the financial impact resulting from the incident is not expected to be significant. »

The company has been a major player in the field of electrical products for over a century, report revenues in 2023 of more than $722 million. The company has 19 manufacturing sites and 11,500 employees across 24 countries where it produces performance-critical electrical applications and products.

Manufacturing companies continue to face a wave of cyberattacks and ransomware incidents that are now affecting their bottom lines.

Cybersecurity company Dragos said As of August, of the 253 ransomware incidents tracked in the second quarter of 2023, 177 of them involved companies in the manufacturing sector. The cleaning products giant Clorox told regulators two weeks ago that it is still struggling with production issues following a cyberattack in August.

Marine Manufacturing Company Brunswick Corporation said ransomware attack on their systems would cost it ‘up to $85 million’, while Canadian bookseller Indigo says it expects to lose more than 50 million dollars following a ransomware attack which limited operations for weeks.

In February, Applied Materials – which provides technology to the semiconductor industry – said on an earnings conference call: a ransomware attack at one of its suppliers it would cost him $250 million next quarter.

Jonathan Greig

Jonathan Greig is a breaking news reporter at Recorded Future News. Jonathan has worked as a journalist around the world since 2014. Before returning to New York, he worked for media outlets in South Africa, Jordan and Cambodia. He previously covered cybersecurity at ZDNet and TechRepublic.