Steel Specialty, Inc. Suffers Ransomware Attack

Steel Specialty, Inc., a family-owned and operated steel fabricator located in Belmont, North Carolina, recently fell victim to a ransomware attack orchestrated by the Lockbit2 group. This incident was disclosed through information leaked on the group's dark web site, highlighting the company's engagement in the manufacturing sector.

Since its establishment in 1973, Steel Specialty, Inc. has been accredited by the American Institute of Steel Construction (AISC). The company is renowned for its high-quality structural and miscellaneous steel products, serving construction partners across the Southeast. Their approach is highly consultative, involving close collaboration with general contractors, architects, engineers, and developers from the conceptual phase of a project through to its completion.

Although the company's website lacks specific details regarding its size or potential vulnerabilities, the occurrence of this ransomware attack indicates a possible targeting due to its significant role within the manufacturing sector—a sector increasingly besieged by ransomware incidents.

Ransomware attacks are characterized by the encryption of a victim's data by threat actors, who then demand payment for the decryption key. In certain instances, attackers may also exfiltrate data, threatening its release unless a ransom is paid.

To counteract the threat of ransomware, it is imperative for companies to adopt comprehensive cybersecurity strategies. These should include the regular updating of software, conducting employee training, and the implementation of backup systems. Additionally, having a well-defined response plan for such attacks is crucial.

Sources

• Steel Specialty, Inc. (n.d.). Retrieved April 10, 2024, from http://www.steel-specialty.com/
• SecurityWeek (n.d.). Retrieved April 10, 2024, from https://www.securityweek.com/german-steelmaker-thyssenkrupp-confirms-ransomware-attack/
• TechRadar Pro (n.d.). Retrieved April 10, 2024, from https://www.techradar.com/pro/security/one-of-the-worlds-largest-steel-makers-has-been-hit-by-a-cyberattack-its-automotive-division-had-to-shut-down-to-contain-it