Microchip Technology Hit By Cyber Breach

(RTTNews) - Microchip Technology (MCHP) on Tuesday revealed that an "unauthorized party" disrupted the company's use of certain servers and some business operations.

In an SEC filing, Microchip said that on August 17th, the company detected potentially suspicious activity involving its information technology systems.

"Upon detecting the issue, the Company began taking steps to assess, contain and remediate the potentially unauthorized activity. On August 19, 2024, the Company determined that an unauthorized party disrupted the Company's use of certain servers and some business operations," it added.

The company said it took additional steps to address the incident, including isolating the affected systems, shutting down certain systems, and launching an investigation with the assistance of external cybersecurity advisors.

However, as a result of the incident, certain of the company's manufacturing facilities are operating at less than normal levels, and the company's ability to fulfill orders is currently impacted.

Microchip added that its investigation is ongoing, the full scope, nature and impact of the incident are not yet known.

The company has not yet determined whether the incident is reasonably likely to materially impact its financial condition or results of operations.

This marks the latest security incident at a U.S. chipmaker this year. Earlier this year, Advanced Micro Devices (AMD), said that it was investigating claims that its data was stolen in a hack.