Ransomware attack on ST Engineering's US unit contained

ST Engineering on Sunday announced that the recent ransomware attack on its US-based subsidiary is an "isolated" attack that has since been contained. 

"At this point, 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," said the group in a statement. 

On Friday, VT San Antonio Aerospace Inc, which provides maintenance, repair and overhaul services to aircraft, announced that a criminal group known as Maze had gained unauthorised access to its network and deployed a ransomware attack. 

ST Engineering said it took immediate action when the cyber security breach was discovered. This included disconnecting certain systems from the network, retaining leading third-party forensic advisers to help investigate the incident and notifying appropriate law enforcement authorities.

Currently, ST Engineering's US businesses, including VT San Antonio Aerospace, continue to be operational. Its IT network in Singapore and its other businesses have not been compromised.

"ST Engineering is fully committed to responding to this incident transparently and proactively, and its US subsidiary has begun notifying potentially affected customers," said the group.

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The group further said it is conducting a rigorous review of the incident and its systems to ensure that the data it is entrusted with remains safe and secure. This includes deploying advanced tools to remediate the intrusion and to restore the affected systems. It is also taking steps to further strengthen its overall cyber security architecture. 

This cyber security incident is not expected to have any material impact on the consolidated net tangible assets or consolidated earnings per share of ST Engineering for the current financial year.