Applied Materials, a multibillion-dollar technology supplier for the semiconductor industry, announced during its earnings call this week that a ransomware attack on one of its suppliers would cost it $250 million in the second quarter. Though the company did not name the supplier, industry analysts believe it is MKS Instruments.

MKS Instruments announced Monday that the ransomware attack, which was discovered on February 3, 2023, had forced the company to reschedule its fourth-quarter earnings call. Applied Materials CEO Gary Dickerson stated on the conference call that the disruption would impact their second-quarter shipments.

MKS Instruments said they are still in the recovery phase and are unsure of the full scope of the costs and impacts related to the attack. The company is also determining whether its cyber insurance will cover some of the costs. No ransomware group has taken credit for the attack as of Friday.

How to Prevent Ransomware Attacks on Your Business

I recently spoke to Chris Close, a cyber security expert from Cyber Sleuth Security Brooklyn, and asked him about preventing ransomware attacks on businesses. 

"Ransomware attacks are on the rise, and they can be incredibly damaging to any business,” Close said. “The best way to protect yourself is to take proactive steps to secure your systems and data."

Close went on to discuss the importance of regularly patching systems and software, using strong passwords, and backing up data.

"It's also important to educate your employees about cyber security risks and best practices. They should be aware of the signs of a potential attack, such as unexpected requests for money or unusual emails, and know what to do if they encounter them."

Close went on to explain the importance of using a reliable antivirus program and using two-factor authentication for all accounts.

"Finally, it's crucial to have a response plan in place in case of a ransomware attack. That way, you can quickly identify the source of the attack, mitigate the damage, and restore your systems and data."

Close concluded by stating “by taking these steps, you can protect your business and ensure that it can recover quickly if it ever falls victim to a ransomware attack."

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Semiconductor industry giant says ransomware attack on supplier will cost it $250 million