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The furniture giant was forced to stop production due to a cyberattack.
Bassett Furniture, one of the largest furniture manufacturers in the United States, was forced to suspend its production facilities after a ransomware attack last week.
On July 10, the company discovered unauthorized access to its information systems. As a result, the attackers encrypted some of the data, which disrupted the operation of Bassett Furniture. The company announced this in a regulatory statement on Monday, July 15.
In response to the incident, the company activated a response plan that involves disabling some systems. At the moment, the production facilities of Bassett Furniture are not functioning. Nevertheless, retail stores and the company's online platform continue to work, accepting orders, although their implementation is now very difficult.
The company's management is working to restore the affected systems and implement workarounds to minimize the impact of the incident.
Unlike most companies that filed reports with the Securities and Exchange Commission (SEC) after the cyberattacks, Bassett Furniture acknowledged that the incident has already had and is likely to continue to have a significant impact on the company's operations until the recovery work is completed.
It is not yet clear how much this will affect the company's financial performance. So far, none of the ransomware groups has claimed responsibility for the attack.
With approximately 90 stores across the United States, Bassett Furniture is one of the largest furniture manufacturers and sellers in the country. On the day of the attack, the company also reported a 17% decrease in revenue for the second quarter of 2024 compared to last year, which further reduced the company's position in the eyes of investors.
The incident occurred amid an increase in the number of reports to the SEC about cyber incidents. New rules requiring companies to quickly report financially significant cyber attacks came into effect on December 18 last year, but small companies were given an additional 180 days to comply with these requirements.
These rules have sparked outrage among companies and lawmakers, as the term "significant cyber incident" remains very vague amid the countless cyber attacks that many organizations face on a daily basis.
Since the rules came into force, almost all reports have claimed that cyber attacks did not significantly affect the financial performance of companies, although many of them later admitted significant financial losses due to the costs of restoring or stopping operations.
For Bassett Furniture, the incident was a harsh lesson that shows that in the digital age, cybersecurity must be one of the main priorities of any company, along with product quality and customer orientation.
Source
Bassett Furniture, one of the largest furniture manufacturers in the United States, was forced to suspend its production facilities after a ransomware attack last week.
On July 10, the company discovered unauthorized access to its information systems. As a result, the attackers encrypted some of the data, which disrupted the operation of Bassett Furniture. The company announced this in a regulatory statement on Monday, July 15.
In response to the incident, the company activated a response plan that involves disabling some systems. At the moment, the production facilities of Bassett Furniture are not functioning. Nevertheless, retail stores and the company's online platform continue to work, accepting orders, although their implementation is now very difficult.
The company's management is working to restore the affected systems and implement workarounds to minimize the impact of the incident.
Unlike most companies that filed reports with the Securities and Exchange Commission (SEC) after the cyberattacks, Bassett Furniture acknowledged that the incident has already had and is likely to continue to have a significant impact on the company's operations until the recovery work is completed.
It is not yet clear how much this will affect the company's financial performance. So far, none of the ransomware groups has claimed responsibility for the attack.
With approximately 90 stores across the United States, Bassett Furniture is one of the largest furniture manufacturers and sellers in the country. On the day of the attack, the company also reported a 17% decrease in revenue for the second quarter of 2024 compared to last year, which further reduced the company's position in the eyes of investors.
The incident occurred amid an increase in the number of reports to the SEC about cyber incidents. New rules requiring companies to quickly report financially significant cyber attacks came into effect on December 18 last year, but small companies were given an additional 180 days to comply with these requirements.
These rules have sparked outrage among companies and lawmakers, as the term "significant cyber incident" remains very vague amid the countless cyber attacks that many organizations face on a daily basis.
Since the rules came into force, almost all reports have claimed that cyber attacks did not significantly affect the financial performance of companies, although many of them later admitted significant financial losses due to the costs of restoring or stopping operations.
For Bassett Furniture, the incident was a harsh lesson that shows that in the digital age, cybersecurity must be one of the main priorities of any company, along with product quality and customer orientation.
Source
