Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

Boeing says 'cyber incident' hit parts business after ransom threat

Published 11/01/2023, 06:48 PM
Updated 11/02/2023, 01:25 AM
© Reuters. FILE PHOTO: A Boeing logo is seen at the 54th International Paris Airshow at Le Bourget Airport near Paris, France, June 18, 2023. REUTERS/Benoit Tessier/File Photo
BA
-

By Valerie Insinna and Zeba Siddiqui

WASHINGTON (Reuters) -Boeing, one of the world's largest defense and space contractors, said on Wednesday it was investigating a cyber incident that impacted elements of its parts and distribution business and cooperating with a law enforcement probe into it.

Boeing (NYSE:BA) acknowledged the incident days after the Lockbit cybercrime gang said on Friday it had stolen "a tremendous amount" of sensitive data from the U.S. planemaker that it would dump online if Boeing didn't pay ransom by Nov. 2.

The Lockbit threat was no longer on the gang's website as of Wednesday, and it didn't immediately respond to a request for comment. Boeing declined to comment on whether Lockbit was behind the cyber incident it disclosed.

"This issue does not affect flight safety," a Boeing spokesperson said. "We are actively investigating the incident and coordinating with law enforcement and regulatory authorities. We are notifying our customers and suppliers."

Boeing's parts and distribution business, which falls under its Global Services division, provides material and logistics support to its customers, according to the company's 2022 annual report. Some webpages on the company's official website that had information on the Global Services division were down on Wednesday, with a message that cited technical issues.

"We expect the site to be back up soon," the pages said.

Lockbit was the most active global ransomware group last year based on the number of victims, and it has hit 1,700 U.S. organizations since 2020, according to the U.S. Cybersecurity and Infrastructure Security Agency (CISA).

The hacking group typically deploys ransomware on a victim organization's system to lock it up, as well as stealing sensitive data for extortion.

It's unclear what data Lockbit may have stolen from the company. Brett Callow, a ransomware expert and threat analyst at the cybersecurity firm Emsisoft, said that while organizations may pay cybercriminal gangs when demanded ransom, that doesn't guarantee that data won't be leaked.

"Paying the ransom would simply elicit a pinky promise from LockBit that they will destroy whatever data they obtained," Callow said. "There would, however, be no way of knowing for sure that they actually had."

© Reuters. FILE PHOTO: A Boeing logo is seen at the 54th International Paris Airshow at Le Bourget Airport near Paris, France, June 18, 2023. REUTERS/Benoit Tessier/File Photo

The loss of military-related information would be "extremely problematic", he added. Boeing did not comment on whether any defense-related data had been impacted in the cyber incident.

The CISA did not immediately respond to a request for comment on the Boeing statement.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.