Key Tronic’s ransomware-related losses exceed $17M

Major U.S. printed circuit board assembly manufacturer Key Tronic has disclosed losing over $17 million following a Black Basta ransomware attack in early May, reports The Record, a news site by cybersecurity firm Recorded Future.

Aside from incurring almost $2.3 million due to the intrusion, which resulted in a two-week operational shutdown in the U.S. and Mexico, Key Tronic also noted in its filing with the Securities and Exchange Commission that it lost nearly $15 million of revenue during the fourth quarter, with the filing also detailing the firm's capability to recover the unfulfilled orders by next year. Such a disclosure comes amid mounting attacks against the manufacturing industry, with major forklift manufacturer Crown Equipment and UK manufacturing services firm Volex among the most recently impacted organizations. The development also follows an IBM and Ponemon Institute report detailing increased average data breach costs between March 2023 and February 2024, compared with the same period the year before.