Microchip Technology (MCHP): Operationally critical IT systems are back online
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Price: $93.26 --0%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 2.3%
Revenue Growth %: +24.1%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 2.3%
Revenue Growth %: +24.1%
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Microchip Technology (NASDAQ: MCHP)
On August 20, 2024, Microchip Technology Incorporated (the "Company") filed a Current Report on Form 8-K disclosing that an unauthorized party had disrupted the Company’s use of certain servers and some business operations. This filing on Form 8-K is an update to that previous filing.
The Company has been processing customer orders and shipping products for over a week and a half. Operationally critical IT systems are back online, and we have substantially restored our operations. The Company continues to work diligently to bring the remaining affected portions of its IT systems back online while continuing to follow cybersecurity protocols.
While the investigation is continuing, the Company believes that the unauthorized party obtained information stored in certain Company IT systems, including, for example, employee contact information and some encrypted and hashed passwords. We have not identified any customer or supplier data that has been obtained by the unauthorized party. The Company continues to investigate the nature and scope of the unauthorized access. The Company has notified employees, law enforcement, and regulators of the incident.
The Company is aware that an unauthorized party claims to have acquired and posted online certain data from the Company’s systems. The Company is investigating the validity of this claim with assistance from its outside cybersecurity and forensic experts.
As the Company’s investigation is ongoing, the full scope, nature and impact of the incident are not yet known. As of the date of this filing, the Company does not believe the incident is reasonably likely to materially impact the Company’s financial condition or results of operations.
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