Keytronic, an electronics manufacturing services company, said on Friday that a recent ransomware attack led to raised costs and lost income of more than $17 million.
In 1969, Keytronic, an American technology business, was founded as an Original Equipment Manufacturer (OEM) of keyboards and mice. It is currently among the world’s largest manufacturers of printed circuit board assembly (PCBA), with units located in China, Vietnam, Mexico, and the United States.
In a recent report to the U.S. Securities and Exchange Commission (SEC), Keytronic disclosed a significant incident discovered on May 6th. The incident disrupted business systems supporting corporate and operational tasks at its premises in the United States and Mexico.
Keytronic claimed in May that company had to stop operations in the United States and Mexico for a period of two weeks due to a cyberattack.
Attackers took advantage of this situation to steal personal data from the company’s systems. The Black Basta ransomware group claimed responsibility in June and released the stolen data, although Keytronic has not yet identified the main threat group.
Keytronic confirmed the data breach in June, admitting that the ransomware attack had exposed over 500 gigabytes of data. The data includes HR, financial, engineering records, company data, and personal information. However, the organisation did not go further on the ransomware operation.
Keytronic is confident in its ability to recover and function well in the future despite the breach. All the company’s facilities are back in production, and the workforce reductions announced in the third quarter of fiscal 2024 are beginning to show benefits in terms of operational savings.
The revenue and earnings expectations for the fourth quarter of fiscal 2024 and first quarter of fiscal 2025 are currently being reviewed. It is necessary to finish the company’s continuing quarterly closure and review procedures before finalising its financial results for the fourth quarter of 2024.
Keytronic aims to disclose its complete results and have its earnings conference call for the fourth quarter of fiscal 2024 on August 13, 2024.
Phishing Tackle offers a free 14-day trial to help train your users to avoid these types of attacks and test their knowledge with simulated attacks using various attack vectors. By focusing on training your users to spot these types of attacks, rather than relying solely on technology, you can ensure that your organisation is better prepared to defend against cyber threats and minimise the impact of any successful attacks.
