"Semiconductor Industry Giant Says Ransomware Attack on Supplier Will Cost It $250 Million"
During a recent earnings call, Applied Materials, a multi-billion-dollar company that provides technology to the semiconductor industry, stated that a ransomware attack on one of its suppliers would cost them $250 million in the next quarter. The company did not specify which supplier it was referring to, although some industry analysts believe that it was the engineering and technology firm MKS Instruments. Due to a ransomware attack discovered on February 3, MKS Instruments was forced to postpone its own fourth-quarter earnings call. The attack on MKS highlights a concern that many cybersecurity professionals have expressed in recent years. When larger organizations improve their system security, attackers will target smaller, more vulnerable links in the supply chain. Monti Knode of the cyber defense company Horizon3.ai emphasized that more companies, such as MKS Instruments, are publicly acknowledging the effects of cyberattacks. Others, such as the CEO of Approov, Ted Miracco, have stated that the semiconductor supply chain remains one of the most complex and significant areas of the world economy. As observed last year, disruptions in the semiconductor market can have long-lasting effects on everything from vehicle prices to food prices, he said. Therefore, attacks on the semiconductor supply chain call for more attention. This article continues to discuss the semiconductor industry giant Applied Materials revealing that a ransomware attack on one of its suppliers would cost it $250 million.