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HomeCII/OTTSMC Accuses IT Hardware Supplier for $70M LockBit Breach

TSMC Accuses IT Hardware Supplier for $70M LockBit Breach

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Taiwan Semiconductor Manufacturing Company (TSMC) has been hit by a data breach after a third-party IT hardware supplier, Kinmax Technology, experienced a cybersecurity incident. The breach has led to a $70 million ransom demand from the LockBit ransomware group. TSMC, one of Apple’s major semiconductor suppliers, confirmed the breach in a statement but did not specify what data might have been accessed or held for ransom by the attackers.

According to TSMC, the breach has not impacted its business or customer information. However, the LockBit group has threatened to publicly leak the stolen data if the ransom is not paid by August 6. They have also claimed to possess “points of entry” into TSMC’s network, as well as passwords and login information. Given TSMC’s financial success and prominence, it is considered a valuable target for cyber attackers.

Following the incident report from Kinmax, TSMC conducted a review of its hardware components and security configurations to assess the extent of the breach. The company severed its data exchange with Kinmax in accordance with security protocols and standard operating procedures. TSMC remains committed to improving security awareness among its suppliers and ensuring their compliance with its security requirements.

Kinmax acknowledged the intrusion into its systems, emphasizing that the breached information only pertained to system installation settings and configuration files. The company downplayed the severity of the breach, stating that it had not caused any damage to customers and their applications. However, it expressed apologies to the affected customers and implemented enhanced security measures to prevent similar incidents in the future.

This breach highlights the growing issue of data breaches stemming from third-party compromises. Organizations across various industries have fallen victim to these attacks, including biopharma giant AbbVie, Siemens, Schneider Electric, and the University of California at Los Angeles (UCLA), due to vulnerabilities in third-party software applications like Progress Software’s MOVEit Transfer app.

The incident underscores the importance of prioritizing IT supply chain security. In May 2021, the Biden administration’s cybersecurity executive order specifically addressed this concern, recognizing the need to strengthen security measures across the supply chain.

As the investigation into the TSMC breach continues, it serves as a reminder for companies to thoroughly vet their third-party suppliers’ security practices and ensure that robust control measures are in place to protect against potential breaches. With cyber threats becoming increasingly sophisticated, organizations must remain vigilant in safeguarding their networks and data from unauthorized access and ransom demands.

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