Morning Tick
  • Latest News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Fintech
    • Altcoins
  • Market Analysis
  • Resources
  • Contact
    • About Us
    • Press Toolkit
Facebook Twitter Instagram
Morning Tick
  • Latest News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Fintech
    • Altcoins
  • Market Analysis
  • Resources
  • Contact
    • About Us
    • Press Toolkit
Facebook Twitter Instagram
Morning Tick
Ransomware

Ransomware attack hits Laser developer firm, IPG Photonics

Manas PimpalkhareBy Manas PimpalkhareUpdated:September 22, 2020 on September 22, 2020
RansomExx malware hits Laser developer firm, IPG Photonics
Image Credit: Pixabay
Share
Reddit Facebook Twitter LinkedIn Pinterest WhatsApp Email

Another ransomware attack occurred in the USA last week. This time the victim was a private laser manufacturing company called IPG Photonics, which was valued at $1.3m in 2019. A ransomware group going by the name of RansomExx perpetrated the attack and reportedly left a partial ransom note after the incident.

This new ransomware group is a mutation of the Defray777 malware, and has attacked prominent institutions like the Texas Department of Transportation and business-tech giant Konica Minolta, before targeting  IPG Photonics. 

IPG Photonics produces fiber lasers for welding, cutting, medical use, and weaponry purposes. The ransomware attack has completely disrupted the supply chain operations of the leading laser manufacturer that employs over 4,000 people. 

IPG Photonics’ systems were shut down due to the attack, and all networks lost connectivity. This resulted in global stoppage of manufacturing and shipping procedures. 

Presumably, RansomExx attacked IPG Photonics with the motivation of exfiltrating sensitive data related to national security. It is noteworthy that  the laser-maker deals with the US Navy in weapons manufacture. This correlation raised eyebrows towards Russian hackers. However, the motivation of this attack seems to be completely financial. 

Ransomware attacks on the rise

The internet has become a breeding ground for ransomware groups, which have been active across the globe, transcending all industries, and in both public and private sectors. These malwares even have a dose of irony in their work – cybersecurity firms are also affected by ransomware attacks. 

Previously reported, more than 600 corporations worldwide have been affected by ransomware attacks in the last few months. 

Ransomware Security
Disclaimer
Read More Read Less
The information provided on this website shouldn’t be considered as investment, tax, legal, or trading advice. Morning Tick is not an investment advisory platform, nor do we intend to be. The publication, its’s management team, or authored-by-line doesn’t seem liable for your personal financial losses, which may be due to your panic decisions based on the content we published. We strongly recommend considering our stories as just a piece of information, unlike advice, recommendations, or requests. Some of the contents may get outdated, updated, or inaccurate despite our profound editorial policies. We urge readers to do their due diligence before making any investments decision with ongoing IDOs, ICOs, IEOs, or any other kind of financial offerings. Few outbound links may be commissioned or affiliated, which helps us grow financially and maintain healthy editorial norms. For more information, visit disclaimer page.
Share. Facebook Twitter Pinterest LinkedIn Email Reddit WhatsApp
Previous ArticleAPY.Finance puts DeFi yield farming aggregators on the radar with $3.6m seed funding
Next Article CIA’s latest initiative promises Blockchain, DLT, AI, and Machine Learning research
Manas Pimpalkhare
  • Twitter

Aspiring Tech Journalist, Lawyer-to-be, has a keen interest in cybercrime and disruptive tech like AI, 5G, and crypto.

Recommended Posts

Bitcoiner alerts ‘overconfident HODLers’ after losing 2.6 BTC

January 11, 2021

The 10 Biggest Data Breaches that grabbed attention in 2020

December 24, 2020

Adware is the new Malware that everyone needs to know

November 25, 2020

Donald Trump fires cybersecurity chief Chris Krebs after he debunked voter fraud theories

November 18, 2020
Add A Comment

Comments are closed.

Latest

Introducing Lucky Mystery Box, Crypto lottery based on TRON with a prize pool of 1M USDT

2 months ago

GlobalDots joins forces with Coralogix to save companies 40-70% on full-stack observability costs, launching a debut CDN log management solution

3 months ago

KX.finance announces upcoming DeFi/DEX aggregator launch on APTOS/SUI blockchain

5 months ago

HyperBC Group unveils Zero interest Crypto Credit Card HyperCard, obtains Lithuanian Financial License

5 months ago

Unplugged launches its mobile App Suite to help consumers reclaim their privacy

5 months ago
Morning Tick
Facebook Twitter Instagram Pinterest RSS
  • About Us
  • Press Toolkit
  • Disclaimer
  • Contact Us
  • Privacy Policy
  • Sitemap
© 2023 Morning Tick. Disclaimer: The information provided on this website shouldn't be considered as investment, tax, legal, or trading advice.

Type above and press Enter to search. Press Esc to cancel.