Volex, a prominent British manufacturer specializing in power and data transmission cables, has revealed that it has experienced a data breach. The company reported that unauthorized intruders gained access to its tech infrastructure.
In response to the Volex Data Breach, the company promptly initiated security measures and called in third-party experts to assess the situation.
Despite the Volex cyberattack, all of its production sites worldwide remain operational, with minimal disruption to global production levels.
The company is continuing to conduct business with its customers and suppliers, and it does not anticipate a significant financial impact resulting from the incident.
The Volex Data Breach
The circumstances surrounding the Volex cyberattack, including how the criminals gained access, the duration of their presence within the system, the alert mechanism that triggered Volex’s response, any ransom demands, and the potential deployment of malware, remain undisclosed.
Following the announcement of the Volex data breach, the company saw a dip in its shares by over 3 percent. Simon Chassar, Chief Revenue Officer at Claroty, an information security company specializing in industrial, healthcare, and public sector organizations, commented on the situation.
Chassar highlighted the serious consequences of cyberattacks on industrial entities, stating, “Attacks such as this can result in global supply chains going down and months-long production delays, further impacting a company’s reputation and finances.”
He stressed the importance of securing cyber-physical systems, including Operational Technology (OT), Industrial Internet of Things (IIoT), and Industrial Control Systems (ICS).
Chassar emphasized the need for robust patching procedures to address critical vulnerabilities in these systems and the implementation of network segmentation with asset class policies to restrict the movement of malware and safeguard critical assets.
The company’s response post the Volex data breach showcases the importance of rapid incident detection and response in the face of evolving cyber threats. As the investigation unfolds, the company remains committed to maintaining its operations and protecting its reputation in the highly competitive cable manufacturing industry. Cybersecurity experts like Simon Chassar underscore the need for proactive measures to fortify critical infrastructure and prevent future breaches that could have far-reaching consequences.
The AIM-listed business issued a statement assuring investors and stakeholders that it had taken immediate action to halt the unauthorized access and secure its systems and data. Specialized consultants have been enlisted to investigate the nature and scope of the breach and to execute an incident response plan.
Volex is a prominent manufacturer of a wide range of products, including power cords, plugs, connectors, electric vehicle charging components, consumer cable harnesses, power products, data center power cables, and high-speed copper interconnect cables.
The company maintains production facilities in Eastern Europe and across Asia, achieving more than £720 million ($879 million) in revenue in the fiscal year ending April 2, 2023.
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