Furniture giant shuts down manufacturing facilities after ransomware attack

pppLeadershipppCybercrimeppNationstateppElectionsppTechnologyppCyber DailyppClick Here Podcastpp Free Newsletterpp One of the largest furniture companies in the US was forced to shut down its manufacturing facilities following a ransomware attack that began last week pp Bassett Furniture Industries said it shut down some of its information technology systems after it discovered unauthorized access on July 10  pp The hacker disrupted the Companys business operations by encrypting some data files and forced the company to activate its incident response plan the company said in a regulatory filing Monday  pp As a result of the Companys containment measures which included shutting down some systems the Company has not been and as of the date of this Report is not operating its manufacturing facilities Bassett Furniture said in an 8K filing with the Securities and Exchange Commission  pp The Companys retail stores and ecommerce platform are open and customers are able to place orders and purchase available merchandise however the Companys ability to fulfill orders is currently impacted pp Company officials are working to bring impacted systems back online and implement workarounds in order to reduce the disruption  pp Unlike many of the 8K filings companies have submitted to the SEC following cyberattacks Bassett Furniture admitted that the attack has had and is reasonably likely to continue to have a material impact on the Companys business operations until recovery efforts are completed pp They are still unsure of whether it will materially impact the companys financial performance  pp No ransomware group has come forward to take credit for the incident as of Tuesday afternoon  pp With nearly 90 stores across the US Bassett Furniture is one of the largest manufacturers and marketers of furniture in the country On the same day of the ransomware attack the company reported a 17 decrease in revenue for the second quarter of 2024 compared to last year  pp The attack comes as the tempo of 8K filings to the SEC about cybersecurity incidents continues to increase precipitously Controversial rules requiring companies to quickly disclose financially material cybersecurity incidents took effect for most companies on December 18 but smaller companies were given an extra 180 days to comply pp The rules immediately caused outrage from companies and lawmakers who questioned what the SEC meant when using the term material cybersecurity incident in light of the endless barrage of cyber intrusions most large organizations face on a daily basis pp Since the rules took effect nearly all of the filings have claimed cyberattacks did not have a material effect on the companys bottom line even though several companies later acknowledged significant financial losses due to incident recovery costs or operation shutdowns  pp This week both insurance company UnitedHealth and a car dealership company have reported significant financial impacts caused by cybersecurity incidents ppJonathan Greigppis a Breaking News Reporter at Recorded Future News Jonathan has worked across the globe as a journalist since 2014 Before moving back to New York City he worked for news outlets in South Africa Jordan and Cambodia He previously covered cybersecurity at ZDNet and TechRepublicppPrivacyppAboutppContact Uspp Copyright 2024 The Record from Recorded Future Newsp