UK based Water Pump maker that has a global presence has made it official that it was targeted by a ransomware attack in the second week of September 2021, negatively affecting its profit margin deeply.
As of now, the details about the ransomware incident are being kept under wraps as the forensic probe is still underway and might take some more days to complete.
Weir minerals have publicly disclosed that its IT systems like enterprise resource planning (ERP) and engineering applications are down that could affect the production segment to the core.
A ransomware attack is a kind of malware attack where hackers encrypt a database from access until a ransom is paid. However, the strategies employed by hackers for attacking have improved in recent times as they are now first encrypting a database and then demanding a handsome sum to decrypt it. And if the victim denies paying the ransom, the stolen information is then sold on the dark web.
Hospitals, manufacturing companies, schools, businesses and tech companies are seen constantly becoming the victim to ransomware attacks these days as the cyber crooks often are seen hitting companies for which data means business.
IT Staff of Weir Plc that is headquartered in Scotland are clear that they will not negotiate with the hackers and will instead think on recovering the data from their business continuity plan. Also, they have divulged that no staff member of their company is interested in negotiating with hackers over ransom pay.