Cyberattacks Now Focused on Manufacturing Industry

A U.K.-based tech manufacturer, one of the largest such companies in the world, has been hit with a cyberattack that affected its IT systems at several sites. The Record reports that Volex, “established IT security protocols and took immediate steps to stop the unauthorized access to its systems and data,” then engaged third-party consultants to investigate the incident and implement a response plan.

Volex produces power products for data centers and electric vehicles. Revenues in 2023 were more than $722 million. It has 19 manufacturing locations and 11,500 employees in 24 countries. In a statement, it says that all sites are operational and it is essentially business as usual with respect to global production levels, and trade with customers and suppliers.

If true, that makes it an outlier among victims of the recent wave of attacks on manufacturers. The sector is a major target because disruptions are costly and the victims are desperate to retrieve their data, often paying ransom without guaranteed decryption.

Brunswick Corporation, a marine products manufacturer, recently said a ransomware attack would cost it “as much as $85 million.” Applied Materials, a provider of products for the semiconductor industry, said that a ransomware attack on a supplier will cost it $250 million next quarter. In September, cleaning products manufacturer Clorox told regulators that it has yet to fully resolve production issues after a cyberattack in August. Indigo, a Canadian bookseller recently operated on a limited basis for weeks after a ransomware attack and lost more than $50 million.

According to cybersecurity firm Dragos, of the 250-plus ransomware incidents it tracked in Q2 2023, 177 involved manufacturing companies.