One of the top global providers of tools, services, and software for the production of semiconductors, Applied Materials, has warned that a cybersecurity breach at one of its suppliers might cost the company $250 million in second-quarter sales.
MKS Instruments Inc.
Applied Materials mentions an in-the-first-quarter results announcement and the second-quarter forecast.
“A cybersecurity incident just reported by one of our suppliers has a negative projected impact of 250 million dollars.”
Although Applied Materials declined to identify the supplier, MKS Instrument Inc. is believed to be the victim. A week ago, the vendor announced that a ransomware assault would force it to postpone the publishing of its own quarterly results.
Also, read Supply Chain Cybersecurity: Everyone’s Responsibility.
After becoming aware of the ransomware assault that exposed private employee data to an unauthorized party, MKS filed a notice of a data breach on February 16, 2023.
The Vacuum Solutions and Photonics Solutions Divisions of MKS stated the attack had affected their capacity to handle orders and transport goods. And offer customer service. The exact amount of the costs and associated effects of this incident and the degree to which the business’ cybersecurity insurance may partially offset these losses are still unknown.
Also, read Ransomware Attacks on Kaseya VSA; REvil Group Linked to Attack.
Although more information regarding the attack has yet to be made public, we’ll let you know as soon as we do.
Supply chain effects
Although we’ve talked a lot about the dangers of having your supply chain compromised, this instance proves that even if none of your systems are infected, an assault on one of your suppliers can still have a significant financial impact on your business.
In essence, a supply chain attack is an additional means through which attackers can gain access to their target business. Instead of going after their target directly, they target the weakest link in their supply chain, typically a vendor with less robust security measures than their primary target.
Chip equipment industry
Although there is never an ideal moment for a ransomware assault, the timing of this one is abysmal. The most severe component shortages we’ve experienced recently have been for certain semiconductors or chips.
The semiconductor manufacturing equipment market is a unique case, it must be said. A few corporations dominate the global market in this highly specialized and sensitive espionage sector. In such a market, the inaction of a key supplier who cannot be quickly replaced can have a significant impact on your outcomes. as shown in this instance.
How to avoid ransomware
Block popular entrance points. Have a strategy for swiftly correcting internet-facing system vulnerabilities; stop or harden VPNs and RDP remote access; and utilize endpoint security software to identify malware and exploits that spread ransomware.
Recognize invasions. Segmenting networks and carefully allocating access privileges can make it more difficult for intruders to function inside your company. To spot anomalous activity before an assault happens, use MDR or EDR.
Put an end to malicious encryption. Install endpoint detection and response software, such as Malwarebytes EDR, that can detect ransomware using various detection methods.
Make backups that are offline and offsite. Keep backups offline and offsite so that attackers cannot access them. However, test them frequently to ensure that you can quickly restore crucial business functions.
Plan your incident response in writing. After a ransomware attack, things may become chaotic. Plan how to contain an outbreak, interact with stakeholders, and back up your systems.