Bassett Furniture Industries

History

2024: Plants shut down due to ransomware virus attack

In mid-July 2024, one of the largest furniture companies USA Bassett Furniture Industries was forced to stop its factories after the attack. programs extortioners The company said it shut down information systems after detecting unauthorized access and activated an emergency incident response plan.

As a result of the containment measures taken, the company was forced to suspend its plants, Bassett Furniture said in a statement sent to the Securities and Exchange Commission. - The company's retail and electronic stores are still open, and customers can place orders and purchase existing goods; however, companies will be able to fulfill orders received in a limited amount.

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Bassett Furniture

Company representatives are working to bring affected systems back online and implement workarounds to reduce glitches. Unlike many companies that filed applications with the U.S. Securities and Exchange Commission in the wake of the cyberattacks, Bassett Furniture acknowledged that the attack "had and is likely to continue to have a significant impact on the company's business operations until the all-systems recovery operation is completed." It is not yet known whether this will have a significant impact on the company's financial performance.

The attack comes amid soaring reports of cybersecurity-related incidents. Under the new rules, companies are required to report any financially significant cybersecurity incidents to the Securities Commission soon. Due to tough rules, companies often underestimate the financial significance of cyberattacks, although some later admitted that they suffered significant financial losses due to the costs of restoring or stopping operations.^[1]

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