Singapore Technologies Engineering Ltd (ST Engineering) has announced that its US subsidiary, VT San Antonio Aerospace, Inc., recently discovered a cybersecurity incident where a group of cybercriminals, known as the Maze group, gained unauthorised access to its IT network and deployed a ransomware attack. Investigations into the incident are ongoing.
At this point, according to the company, the ongoing investigation indicates that the threat has been contained and is believed to be isolated to a limited part of ST Engineering’s commercial operations in the US. Currently, these businesses, including VT San Antonio Aerospace, continue to be operational. ST Engineering says that its IT network in Singapore and its other businesses have not been compromised.
Upon discovering the incident, ST Engineering took immediate action, including disconnecting certain systems from the network, retaining leading third-party forensic advisors to help investigate the incident and notifying appropriate law enforcement authorities.
ST Engineering is conducting a rigorous review of the incident and its systems to ensure that the data it is entrusted with remains secure. This includes deploying advanced tools to remediate the intrusion and to restore the affected systems. ST Engineering is also taking steps to further strengthen its overall cybersecurity architecture.
ST Engineering has stated that it is fully committed to responding to this incident transparently and proactively, and its US subsidiary has begun notifying potentially affected customers.
This cybersecurity incident is not expected to have any material impact on the consolidated net tangible assets or consolidated earnings per share of the ST Engineering Group for the current financial year.