$125 million is their estimated revenue for the fourth quarter, which is less than initial estimates. Key Tronic made more than $596 million in revenue the year before.
According to a regulatory filing on Friday, Key Tronic, a manufacturer, lost approximately $17 million as a result of a cyberattack that was identified in May. The printed circuit board assembly fabricator had to halt operations in Mexico and the United States for two weeks “during remediation efforts” after discovering strange activity on its servers on May 6. On its website, the Black Basta ransomware gang claimed responsibility for the attack and disclosed what it said to be private Key Tronic data. Key Tronic notified the Securities and Exchange Commission on Friday that it “believes it lost approximately $15 million of revenue during the fourth quarter” and that it had spent roughly $2.3 million on costs related to the cyberattack. Keyword Tronic, situated in Spokane, Washington, claims that the orders are “recoverable” and can be fulfilled.
Keyword Tronic predicted revenue for the fourth quarter, $125 million, is less than earlier projections. Its income for the previous year exceeded $596 million. The average cost of a data breach increased to $4.88 million from $4.45 million in the previous year between March 2023 and February 2024, according to a recent analysis from IBM and the Ponemon Institute. Threat actors frequently target the manufacturing industry; in June, the massive forklift manufacturer Crown Equipment reported a ransomware attack, and in October of last year, the U.K. industrial services business Volex said that hackers had acquired access to its systems.
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