UK-based cable manufacturing giant Volex, trading on the AIM market as VLX, has fallen victim to a cyberattack involving unauthorized access to its IT systems and data. The company, which specializes in power and data transmission products, issued a statement confirming that all its sites remain operational and does not anticipate a significant financial impact from the incident.
Nevertheless, Volex acknowledged that there has been some “minimal disruption to global production levels.” In response to the attack, the company activated its established IT security protocols and engaged third-party consultants to investigate the nature and extent of the breach, along with implementing an incident response plan.
While Volex has not provided detailed information about the incident, it is speculated that the attack might have been a ransomware attempt that was either detected early or did not involve the deployment of file-encrypting malware. This early detection or absence of encryption could explain the limited disruption reported by the company. SecurityWeek’s examination of various ransomware group leak websites yielded no mention of Volex, adding to the mystery surrounding the attack.
The breach has had a modest impact on Volex’s stock, causing a slight drop in shares on the Alternative Investment Market (AIM) of the London Stock Exchange. Volex is a significant player in the cable manufacturing industry, offering a wide range of products, including power cords, plugs, connectors, electric vehicle charging solutions, consumer cable harnesses, data transfer cables, and data center power cables.
The company operates across 27 manufacturing locations and employs a global workforce of over 11,500 individuals in 24 countries, making it a substantial target for cyberattacks in an increasingly interconnected world.