"Ransomware Attack Cost Keytronic Over $17 Million"

In an update, Electronics manufacturing services firm Keytronic revealed that a recent ransomware attack resulted in additional expenses and lost revenue totaling more than $17 million.  The company revealed the costs associated with the incident in a preliminary financial report for the fourth quarter of fiscal 2024.  The company said that due to this event, the company incurred approximately $2.3 million in additional expenses and believed that it lost roughly $15 million in revenue during the fourth quarter.  Keytronic noted that most of these orders are recoverable and are expected to be fulfilled in fiscal year 2025.  Partially offsetting these additional expenses was an insurance gain of $700,000 recorded during the quarter.  The cyberattack, discovered on May 6, resulted in disruptions at sites in the United States and Mexico.  Operations at these sites were suspended for two weeks due to the incident.  The company initially reported in June that it had already incurred expenses of roughly $600,000 for external cybersecurity experts.  The Black Basta ransomware group took credit for the attack on Keytronic, claiming to have stolen over 500 Gb of data, including financial documents, engineering files, HR information and other types of corporate data.  

SecurityWeek reports: "Ransomware Attack Cost Keytronic Over $17 Million"