LockBit ransomware strikes Foxconn Electronics of Mexico

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Foxconn, an electronics manufacturer from Mexico, has released a press statement that it was hit by Lockbit ransomware in the last week of May and is recovering data through a business continuity plan.

The Tijuana-based company is into the production of LCD TVs, Mobile components, and set-top boxes and admitted that one of its facilities was severely hit by the cyber attack.

LockBit group has given the time till June 11th, 2022 to pay up the ransom. Otherwise, the criminal group threatened to sell the stolen data on the dark web.

The good news is that this particular group that spreads ransomware offers a negotiation facility to its victim on lessening the ransom demand. But the bad news is there is no guarantee of the return of the decryption key when the ransom is paid.

Sources reporting to Cybersecurity Insiders say that the cyber crooks might hold data related to schematics and technical drawings of all the future products that will be released shortly.

NOTE 1- Lockbit usually demands a ransom in double-digit figures of millions and that too in Bitcoins cryptocurrency.

NOTE 2- According to an analysis made by Trend Micro, Lockbit emerged as ABCD Ransomware in September 2019 and then sophisticated itself into prolific ransomware that first steals data from victims’ databases and then encrypts the entire database. In one instance, the group claimed to have wiped data from its victimized database in the United States. But the incident was never reported as the victim did not care about the archival loss.

NOTE 3- The facilities in San Jeronimo and Juarez are both known to produce components related to computers, mobile phones, and LCD television that are later assembled and labeled as products produced by Cisco Systems, Sony, and Motorola.

 

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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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