Key Tronic

History

2024: Shutdown of factories and loss of $17 million due to ransomware virus attack

In early August 2024, Key Tronic, a major American manufacturer of keyboards and mice, reported losses of more than $17 million after the Black Basta ransomware virus attack in early May 2024.

The company directly lost $2.3 million due to a cyber attack, as it was forced to suspend factories in the United States and Mexico for two weeks. In addition, as Key Tronic noted in its statement to the Exchange and Securities Commission, the company lost nearly $15 million in revenue in the latest quarter.

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Key Tronic

In early May 2024, the company discovered unauthorized access to its information systems. Keytronic immediately launched an investigation into the incident involving outside cybersecurity experts and notified law enforcement. "The incident caused disruptions and restricted access to some of the company's business applications that were required to keep the company running, including for the financial and operational reporting system, the statement said. "The company determined that the attacker gained access to a number of confidential data, including personal data stored on the company's servers."

At the date of the application, the company restored its activities and blocked a hacker who received unauthorized access to the system. Keytronic notified potentially affected suppliers and customers of the incident, as well as regulators

{{Quote 'During the outage, Key Tronic continued to pay wages as required. The company also rolled out a new IT infrastructure and brought in cybersecurity experts to address the incident. Most of the orders outstanding due to the cyber attack are reimbursable and are expected to be completed in fiscal 2025. Insurance payments of $0.7 million helped to partially compensate for these additional costs^[1]

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