The financial repercussions of the May 2024 ransomware attack on the electronics manufacturing services firm Key Tronic underscores just how costly these attacks are.
Key Tronic makes parts for a number of sectors, including computer, telecom, medical, industrial, automotive and aerospace. They were struck in May with a ransomware attack by Black Basta, which claimed to have stolen 500 GB of data.
In Key Tronic’s most recent SEC filing, their CFO disclosed $2.3 million of incurred expenses responding to the attack, as well as $15 million in lost revenue (which it believes it will recoup in the next quarter).
In total, a $17.5 million loss is material for a single attack. It’s one of those numbers that inspires ransomware threat actors and affiliates alike to go out and attempt to find the “next” Key Tronic.
It also should inspire organizations to look for ways to increase their state of security against such attacks, which should include security awareness training to strengthen the user’s role as part of the organization’s defenses.
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