Smiths Group, a global engineering firm listed on the FTSE 100, has confirmed a cybersecurity incident involving unauthorized access to its systems.
The company made the announcement in a brief statement to the London Stock Exchange. Following the announcement, its shares dropped by up to 2.3 percent in early trading.
The Smiths Group cyber attack was swiftly addressed. Upon detecting the security breach, the company immediately isolated the affected systems and implemented its business continuity plans.
Smiths Group is collaborating with cybersecurity experts to restore compromised systems and assess the full impact on its operations. The company is committed to complying with all relevant cyber regulatory requirements and will provide further updates as they become available.
This Smiths Group security breach highlights the growing concern surrounding cybersecurity across various business sectors. The recent implementation of the Digital Operations Resilience Act (DORA) earlier this month underscores the increasing need for robust cybersecurity measures within the financial system.
Research from Rubrik reveals ransomware as the most significant threat to UK finance and banking organizations, with 46 percent of respondents identifying it as a major security concern.
James Hughes, VP of sales and enterprise CTO at Rubrik, commented, “Given the increasing threat of ransomware and third-party compromise, the implementation of regulations is required and expensive.” Smiths Group did not offer additional details beyond its initial statement.
