Matco Electric Corporation: A Full-Service Electrical Technologies Firm Targeted by Ransomware Group Alphv

Matco Electric Corporation, a full-service electrical technologies firm with over 50 years of experience, has been targeted by the ransomware group Alphv. The company operates in the construction sector and is known for its dedication to service after the project is complete, offering 24/7 emergency services.

Matco Electric Corporation is a subsidiary of the Vontier Corporation, a global industrial technology company that is publicly traded on the NYSE under the ticker symbol “VNT”. The company employs over 637 people and generates approximately $139 million in annual revenue.

The ransomware attack on Matco Electric Corporation is part of a broader trend of cyber threats targeting critical infrastructure companies. In 2023, data from SecurityScorecard found that 90% of the world's biggest energy companies had suffered a supply chain data breach in the past 12 months.

The Alphv ransomware group has been increasingly active in recent months, using well-known tooling and methods to gain access to victim networks. The group has been linked to a number of high-profile attacks, including one on Schneider Electric, a major energy firm.

The attack on Matco Electric Corporation highlights the need for companies in the construction sector to prioritize cybersecurity measures to protect against ransomware attacks. Despite the challenges posed by the evolving threat landscape, companies can take steps to mitigate the risks, such as implementing robust security protocols, conducting regular vulnerability assessments, and investing in cybersecurity training for employees.

Sources

• Matco Electric Corporation. (n.d.). About Us.
• Greig, J. (2023, January 26). Iowa electric, water utility says info of nearly 37,000 leaked in January ransomware attack. The Record.
• Infosecurity Magazine. (2024, January 30). Schneider Electric Confirms Data Accessed in Ransomware Attack.
• CNN. (2022, December 27). Hackers stole data from multiple electric utilities in recent ransomware attack.
• JD Supra. (2023, January 27). Matco Tools Corporation Files Official Notice of Data Breach Affecting Over 14,000 Consumers.