Dutch Magnet Manufacturer Kendrion Hit by LockBit Ransomware Attack

Estimated read time 2 min read

Amsterdam – Kendrion, a leading Dutch manufacturer of electromagnets, has reported falling victim to the notorious ransomware group, LockBit. In a recent statement on its website, the company unveiled a “cybersecurity incident” wherein unauthorized third-party access to its business systems was identified. As a precautionary measure, Kendrion, which caters to various industrial end markets and the automotive sector and registered a turnover exceeding €519 million last year, promptly shut down its systems.

The firm has yet to disclose intricate details surrounding the attack, including the methods the cybercriminals employed to breach their defenses. However, Kendrion emphasized the activation of a contingency plan, aiming to ensure the continuity of operations. Disturbingly, the company did not rule out the possibility that the attackers might have exfiltrated sensitive data.

The perpetrators behind the LockBit ransomware have brazenly claimed responsibility for the assault on their website. LockBit’s inception can be traced back to early 2020 and is known for its modus operandi as a Ransomware-as-a-Service (RaaS). This business model allows cybercriminals to easily utilize ransomware, passing a portion of their illicit gains to the ransomware’s developer. While the criminals still need to distribute the ransomware independently, LockBit frequently goes beyond merely encrypting data for ransom. Often, data theft accompanies their intrusions, with the group threatening to publicize the captured data unless victims acquiesce to their demands.

LockBit has issued an ultimatum to Kendrion, allotting them three days to meet their ransom demand. Failure to do so will result in the publication of the compromised data on 2nd September. At this juncture, the exact nature and volume of the potentially exposed data remain uncertain.

Reza Rafati https://cyberwarzone.com

Reza Rafati, based in the Netherlands, is the founder of Cyberwarzone.com. An industry professional providing insightful commentary on infosec, cybercrime, cyberwar, and threat intelligence, Reza dedicates his work to bolster digital defenses and promote cyber awareness.

You May Also Like

More From Author