Manufacturing services tech giant hit with cyberattack

One of the biggest manufacturing technology providers in the world was hit with a cyberattack this weekend that affected its IT systems at several international sites.

Volex, a U.K-based company that produces a range of power products for data centers, electric vehicles and more, said on Monday that hackers gained access to some of its IT systems and data.

“On becoming aware of the incident, the Group enacted its established IT security protocols and took immediate steps to stop the 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.

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

The company has been a major player in the electrical products space for more than a century, reporting revenues in 2023 of more than $722 million. They have 19 manufacturing locations and 11,500 employees across 24 countries where they produce performance-critical applications and power products.

Manufacturing firms continue to face a wave of cyberattacks and ransomware incidents that are now affecting companies’ bottom line.

Cybersecurity firm Dragos said in August that of the 253 ransomware incidents it tracked in the second quarter of 2023, 177 of them involved companies in manufacturing. Cleaning product giant Clorox told regulators two weeks ago that it is still dealing with production issues following a cyberattack in August.

Marine manufacturing firm Brunswick Corporation said a ransomware attack on their systems would cost it “as much as $85 million,” while the Canadian bookseller Indigo said it expects to lose more than $50 million following a ransomware attack that limited operations for weeks.

In February, Applied Materials – which provides technology for the semiconductor industry – said during an earnings call that a ransomware attack on one of its suppliers would cost it $250 million in the next quarter.