Cable Giant Volex Targeted in Cyberattack

UK-based cable manufacturing giant Volex (AIM: VLX) has been targeted in a cyberattack that involved unauthorized access to some of the company’s IT systems and data.

In a statement issued on Monday, the power and data transmission product manufacturer said all of its sites remain operational and it does not expect any financial impact caused by the incident to be material.

However, it did admit that there has been some “minimal disruption to global production levels”.

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

Volex has not responded to SecurityWeek’s request for additional information, but based on the company’s brief description of the incident, it may have been targeted in a ransomware attack that was either discovered early or that did not involve the deployment of file-encrypting malware, which can typically cause significant disruption in an organization.

SecurityWeek has checked the leak websites of several major ransomware groups, but found no mention of Volex on any of them.

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Volex shares on the Alternative Investment Market (AIM) of the London Stock Exchange dropped slightly after news of the breach broke.

Volex provides power cords, plugs, connectors, electric vehicle charging solutions, consumer cable harnesses, data transfer cables, and data center power cables. The firm has 27 manufacturing locations and a global workforce of more than 11,500 across 24 countries.

https://www.securityweek.com/cable-giant-volex-targeted-in-cyberattack/