Priya PatelTLDR:
- Microchip Technology experienced a data breach, with employee contact information and passwords stolen.
- Order processing and fulfillment were disrupted but have since been restored.
Summary:
Microchip Technology recently disclosed that it fell victim to a cyberattack where an unauthorized party stole employee contact information along with some encrypted and hashed passwords. The company confirmed that order processing and fulfillment, which were initially disrupted by the attack, have now been restored. Microchip President and CEO, Ganesh Moorthy, stated in a regulatory filing that the operationally critical IT systems are back online, and operations have been substantially restored. While the company has not identified any compromised customer or supplier data, an investigation into the nature and scope of the attack is currently ongoing.
The chipmaker has about 125,000 customers across various markets such as industrial, auto, aerospace and defense, communications, and computing. Microchip has also addressed claims made by an unauthorized party that they had acquired and posted certain data online from the company’s systems. The company is working with cybersecurity and forensic experts to validate these claims. Although some portions of Microchip’s IT systems are still impacted by the attack, the company did not provide specifics on the extent or nature of these disruptions. Employees, law enforcement, and regulators have been informed of the incident, and as of the most recent update, Microchip does not believe that the incident will materially impact its financial condition or results of operations.
