LockBit Ransomware gang targets Taiwan TSMC

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In a recent cyber attack, the notorious LockBit ransomware gang has set its sights on a prominent Taiwan-based silicon chip manufacturer. The target, Taiwan Semiconductor Manufacturing Co, has confirmed the incident, revealing that the infiltration occurred through one of its IT hardware suppliers, Kinmax. The ransomware gang is now demanding a staggering $70 million in exchange for decrypting the compromised data. However, the chip maker has made it clear that it will not succumb to the hackers’ demands and intends to tackle the malware attack in an alternative manner.

LockBit is notorious for employing a double extortion strategy, whereby it not only encrypts the victim’s data but also steals it, leveraging this stolen information to coerce the victim into paying the ransom. In the event of non-payment or failure to meet the deadline, the hackers resort to selling the pilfered data on the black market for a considerable sum.

Taiwan Semiconductor Manufacturing Co, a key supplier of silicon wafers to industry giants such as Qualcomm, NVIDIA, AMD, and Apple, has asserted its commitment to developing a comprehensive mitigation plan before the payment deadline, which falls on August 6th, 2023. The company aims to address the situation with utmost prudence and resolve.

The cybercriminals managed to infiltrate a server database associated with the engineering testing environment, prompting Kinmax to promptly shut down the affected system. As soon as the chip manufacturing giant became aware of the attack, it severed all data exchange with the supplier and initiated an extensive remediation process.

Recognizing the importance of proactive measures, it is crucial to employ robust security practices. Strengthening network security through the use of strong passwords, implementing multi-factor authentication, regularly reviewing user account permissions, eliminating dormant user accounts, avoiding configuration errors, establishing an efficient data backup strategy, and deploying a comprehensive cybersecurity solution are essential steps towards fortifying defenses against such attacks.

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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