Stelco reveals information systems were subjected to a "criminal attack"

Stelco reveals information systems were subjected to a "criminal attack" | Insurance Business

Stelco reveals information systems were subjected to a "criminal attack"

Stelco – one of Canada’s oldest and largest steelmakers – has issued a statement revealing that it was the target of a “criminal attack” on its information systems.

The company explained in its statement that in response to the cyberattack, it immediately implemented countermeasures that it had developed “in collaboration with expert external advisors.”

Stelco also announced that its team is working with “industry-leading cybersecurity specialists and other advisors” to investigate the incident and the extent of the cyberattack’s impact on its systems. The company is also implementing its back-up and recovery plans to restore its systems as quickly as possible, but noted that some business functions may be “adversely affected” during the recovery process.

When the cyberattack first hit, Stelco said that certain operations, which included steel production, were temporarily suspended as a precaution, but those operations have since resumed.

Although the nature of the cyberattack against Stelco has yet to be revealed, it is not the first time a major steel company has been hit.

Read more: Steel manufacturer EVRAZ stung by Ryuk ransomware

In March, EVRAZ announced that its North American steel production plants were affected by the Ryuk ransomware. Due to the malware, the company’s manufacturing operations in several plants across the US and Canada grinded to a halt.