ABB Hack

As per reports, ABB (ASEA Brown Boveri), the technological giant in electrification and automation, has been impacted by an IT security incident. ABB is investigating this incident with law enforcement and data protection authorities.

ABB has an employee base of over 105,000 and a net worth of $69.02 billion as of 2023. Earlier this month, ABB faced an attack from the Black Basta ransomware group that works as Ransomware-as-a-Service (RaaS).

Press Release from ABB

According to a recent report, An unauthorized third party has gained access to ABB systems and deployed ransomware to extract specific data. The company has been analyzing and identifying the nature and scope of the impacted data.

The company has also taken necessary steps to communicate with all the affected customers, suppliers, and individuals whose information was affected.

ABB stated that they are in the early stages of the investigation, and the extent of the impact caused is yet to be confirmed.

ABB’s press release states, “ABB remains focused on working diligently with law enforcement, its customers, suppliers, partners, and advisors to resolve this situation and minimize its impact.”

Services Restored

ABB claimed that their key services and systems are restored and running. They are still working on restoring the rest of the impacted services.

The company also has taken necessary security measures to prevent these kinds of security incidents and is further enhancing its security.

Ransomware attacks are becoming much cheaper and more popular among cybercriminals. Even a novice-level cybercriminal can conduct an attack that could cost millions of dollars for any organization.

Companies still have time before these become extremely frequent.

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Gurubaran is a co-founder of Cyber Security News and GBHackers On Security. He has 10+ years of experience as a Security Consultant, Editor, and Analyst in cybersecurity, technology, and communications.