Federal Electric Corp. (FEC) Suffers Ransomware Attack

Federal Electric Corp. (FEC), a Thai appliance manufacturer established in 1978, has been targeted by the ransomware group Lockbit2. The company, which has extended its enterprise to include re-exporting to numerous leading brands worldwide, has been hit by the attackers, who have announced the breach on their dark web leak site.

FEC operates in the manufacturing sector, which has been a target for ransomware attacks in recent years. The company's website provides information about its history and partnership with SHARP Corporation, Japan.

The size of FEC is not explicitly mentioned in the search results, but the company's history and partnership with a leading global brand suggest that it is a significant player in the Thai appliance market. The company's vulnerabilities in being targeted by threat actors are not explicitly stated in the search results, but it is likely that the attackers exploited vulnerabilities in the company's software or network to gain access and deploy the ransomware.

Ransomware attacks can have serious consequences for businesses, including data loss, downtime, and financial costs. To mitigate the risks of ransomware attacks, companies should follow best practices such as regular vulnerability scanning, maintaining offline backups of data, and keeping software and operating systems up to date.

In the event of a ransomware attack, companies should immediately disconnect infected devices from the network, contact law enforcement, and implement their business continuity plan. Paying the ransom is not recommended, but the decision to do so should be based on a careful assessment of the risks and costs involved.

FEC and other companies in the manufacturing sector should be vigilant against ransomware attacks and take steps to protect their networks and data.

Sources

• Federal Electric Corp. (FEC)
• CISA: Stop Ransomware
• SEC Charges Software Company Blackbaud Inc. for Misleading Statements
• FEC: Week of December 20-24, 2021
• FTC: Ransomware
• FBI: Ransomware