New West Metals Inc. Suffers Ransomware Attack by Lockbit3

New West Metals Inc., a Canadian metal supplier and distributor, has been targeted by the ransomware group Lockbit3. The attack was announced on the group's dark web leak site, and the victim's website is currently under threat. The company, operating in the Manufacturing sector, has been a significant player since 1982.

Company Overview

New West Metals is a distributor of specialty metals, offering a wide range of products including aluminum, brass, bronze, copper, nickel alloys, other products, specialty steels, stainless steel, and tool steels. The company is known for its fast, on-time delivery across Canada and accommodates projects of any size with no minimum order requirement.

Vulnerabilities and Targeting

The specific vulnerabilities exploited in the attack on New West Metals have not been disclosed. Ransomware attacks typically leverage weaknesses in outdated software, unpatched systems, or through phishing scams. The COVID-19 pandemic has seen a surge in cyberattacks, with ransomware incidents increasing by 800%.

Industry Impact

The Manufacturing sector has become a prime target for ransomware attacks, with 90% of financial institutions reporting incidents in 2022. The sector's dependency on digital systems and the high stakes involved in potential data breaches make it particularly vulnerable to cybercriminal activities.

Mitigation Strategies

While New West Metals has not publicly shared its mitigation strategies, it is crucial for companies to adopt comprehensive cybersecurity measures. These include conducting regular software updates, providing employee training on cybersecurity awareness, and implementing backup systems to reduce the impact of ransomware attacks.

Sources

• New West Metals Inc. Website: https://newwestmetals.com
• Clean Harbors Statement on Ransomware Attack: https://fr.cleanharbors.com/septemberevent
• Wall Street's Stock-Lending Tech Firm Goes Down in Cyberattack: https://www.bnnbloomberg.ca/wall-street-s-stock-lending-tech-firm-goes-down-in-cyberattack-1.2025980
• FBI Struggled to Disrupt Dangerous Casino Hacking Gang: https://www.reuters.com/technology/cybersecurity/fbi-struggled-disrupt-dangerous-casino-hacking-gang-cyber-responders-say-2023-11-14/
• Top Cyber Security Experts Report: 4,000 Cyber Attacks a Day Since COVID-19 Pandemic: https://www.prnewswire.com/news-releases/top-cyber-security-experts-report-4-000-cyber-attacks-a-day-since-covid-19-pandemic-301110157.html
• Ransomware Tracker 2024: Recent Ransomware Attacks - Spin.AI: https://spin.ai/resources/ransomware-tracker/