- Suleman
Cyberattack Disrupts Microchip Technology’s Operations
Cyberattack Disrupts Microchip Technology’s Manufacturing
American company Cybersecurity experts at the major American semiconductor manufacturer Microchip Technology Incorporated, which has around $5.1 B in annual revenue were reportedly targeted by a cyberattack that temporarily disrupted parts of its operations. It has forced it to operate at lower levels and diminished its ability to fulfil orders after shutting down some of the company’s manufacturing sites, a detection made on 17th August 2024 and an incident date ever since.
Response to the Cyberattack
After determining that the company had observed some suspicious activity on certain IT systems, Microchip said Saturday that it promptly shut down impacted servers and enabled new security measures when an unauthorized party accessed its network and hindered the functioning of “certain business processes.” We immediately took certain systems offline, isolated affected internal networks and are working with cybersecurity experts to assess the impact.
Full Impact Remains Uncertain
What Microchip manufacturing facilities, if any, have been affected by the cyberattack is unknown at this time. It was also not clear from which type of malware, ransomware or data-stealing gang. The Company is currently investigating the scope and potential impact of this incident on its financial condition, and results of operations.
About Microchip
Microchip Technology (NASDAQ: MCHP) designs, develops, manufactures and sells microcontrollers essentially it’s a semiconductor firm that makes all sorts of chips like microprocessors ICs for embedded controllers. Such products are used in automotive, communications, computing and data centres, medical aerospace and defence.
Federal Support for Microchip
Microchip Technology was awarded $162 million in federal incentives as part of the CHIPS and Science Act earlier this year. The money is aimed at securing a dependable, American source of semiconductor chips that underpin U.S. economic and national security interests.
Conclusion
Microchip Technology has been executing damage control operations to revive the company, however, still the extent of damages is currently unpredictable. The long-term impact of this incident has yet to be fully hashed out, but whether or not FooterToo can achieve operational normalcy as their investigation proceeds will likely play a pivotal role.
FAQs
The company did not realize it was under cyberattack until August 17, 2024.
The company separated the affected systems, disabled some processes and called in outside experts on cybersecurity to help investigate.
An investigation into the full extent of incident continues.
It is unclear which campuses the company has plans to close.
Microchip Technology designs and manufactures semiconductor products for various embedded control applications in the automotive, communication, computing industry.
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