Newpark Resources, a Texas-based provider of fluid systems and industrial solutions for the oil and gas industry, has disclosed a ransomware attack that has caused notable disruptions in its operations. The company reported the cyber incident in a filing with the U.S. Securities and Exchange Commission on November 8, 2024. According to the filing, the attack occurred on October 29, 2024, when an unauthorized third party gained access to its internal information systems, triggering a rapid response from the company’s cybersecurity team.
Upon detecting the breach, Newpark immediately activated its cybersecurity response plan and initiated an investigation with the help of external advisors to assess the extent of the attack and contain the threat. The company has not yet fully determined the scope of the incident but confirmed that it has affected its computer systems, causing disruptions in certain business and financial reporting operations. Despite these challenges, Newpark assured its stakeholders that its manufacturing and field operations have continued largely unaffected, as the company implemented established downtime procedures to mitigate the impact.
Although the full extent of the damage remains unclear, Newpark has stated that, based on the information currently available, the ransomware attack is not expected to materially affect the company’s financial condition or results of operations. The company’s reassurances come as it navigates through the operational difficulties posed by the cyberattack. Notably, the company’s market capitalization stands at $658 million, and it has not been listed on the dark web among the victims of any known ransomware groups.
At the time of the report, no ransomware gang had claimed responsibility for the attack or listed Newpark as a victim on dark web forums, according to Cybernews’ Ransomlooker. As the investigation continues, Newpark is working to restore normal operations while addressing the security vulnerability that allowed the attack to occur. This incident highlights the growing risks faced by industrial companies, especially those in critical sectors like oil and gas, as they become increasingly targeted by cybercriminals.
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