Tower Semiconductor, that is into the business of manufacturing integrated circuit chips was hit by a cyber attack last week, bringing down some operations related to the manufacturing to a total halt.
The law enforcement along with a group of Cybersecurity experts are working on the measures to mitigate the risks associated with the cyber attack and till then some of chip manufacturing operations of the Israeli Company will remain halted.
As the company is covered with cyber insurance, losses gathered through such cyber incidents can be recovered easily.
Tower Semiconductor, formerly known as TowerJazz, is basically a company that manufactures silicon wafers used in automotive, mobile, IT and medical fields along with aerospace and defense sectors.
On an official note, Tower is known to manufacture integrated circuits to companies like Intel, Broadcom, Panasonic, Teledyne, Samsung, Skyworks and Semtech. It is known for Silicon Photonics Platform and is known for its worldwide design center in Netanya, Israel.
Therefore, as the company manufactures sensitive hardware, it could have become a victim of industrial espionage like the Stuxnet virus reported in 2010 where the infrastructure was targeted by a cyber attack for conducting spying at a later stage.
Note- Unconfirmed sources say that the company became a victim of a ransomware attack where some portion of data is stolen by the hackers and then all the data gets encrypted in the cyber attack.