Volex hit by cyber attack, no material financial impact expected

9th Oct 2023 09:53

(Sharecast News) - Volex said on Monday that it had been hit by a cyber attack but insisted there would be no material financial impact.

The company, which makes critical power and data transmission products, said there had been unauthorised access to certain IT systems and data at some of its international sites.

"On becoming aware of the incident, the group enacted its established IT security protocols and took immediate steps to stop the unauthorised access to its systems and data," it said. "Specialist, third party consultants have been engaged to investigate the nature and extent of the incident, and to implement the incident response plan."

Volex said all sites remain operational, with minimal disruption to global production levels, and that it continues to trade with its customers and suppliers.

"At this stage, any financial impact resulting from the incident is not expected to be material," it said.

At 0950 BST, the shares were down 2.7% at 302p.