What happened?
On March 19, 2023, TVH, a Belgian company specializing in forklift parts and industrial machinery, fell victim to a large-scale ransomware attack carried out by the LockBit group. This attack crippled their IT systems, rendering the website and internal ordering system unusable. This had a major impact on business operations and customer relations, as TVH was unable to process orders or communicate with customers at that time.
How did it happen?
The attack was a classic ransomware attack, in which the hackers gained access to and encrypted internal systems, then demanded a ransom to unlock the data. While no official details have been released about the specific vulnerability that was exploited, attacks by LockBit often fit within a broad pattern of targeted attacks on companies with large amounts of sensitive data.
What was the impact for the company?
The attack had major consequences for TVH. IT systems were disrupted for weeks, causing orders and deliveries to grind to a halt. The company was unable to process orders, leading to significant losses. Customers were unable to access their usual contacts within the company, resulting in communication problems. After weeks of recovery work, TVH was able to gradually return to operations, but the full effects of the attack, including possible data loss, were still under investigation.
How could this have been prevented?
Although TVH took quick action by working with outside cyber experts and implementing remedial measures, this attack might have been prevented with some critical steps:
- Strong backup and recovery procedures: Regular backups of data can ensure that businesses do not rely entirely on ransomware to restore access to their data.
- Awareness training: Training employees to recognize phishing attempts and respond appropriately to suspicious activity can prevent many attacks.
- Proactive security measures: Implementing advanced security systems to detect unauthorized access early could have mitigated the damage.
This incident highlights the vulnerability of large industrial companies and the need for robust security strategies.