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| Potential Impact of this News | NEGATIVE on the stock price |
| Company | JG Summit Holdings Inc. |
| Stock Code | JGS |
| Long-term Recommendation on the Stock | Hold |
| 1-Year Target Price | PHP 46.05 |
JGS probing ‘possible’ cyber attack
Gokongwei-led conglomerate JG Summit Holdings Inc. is investigating an alleged cybersecurity attack which was claimed to have affected thousands of the company’s computers.
“We are aware of circulating reports of a possible cybersecurity attack,” JG Summit said in a statement.
It added, “We have activated all response protocols and implemented enhanced security measures to ensure data protection. Our business units continue to have normal operations.”
JG Summit said it was working closely with its cybersecurity experts and partners to “proactively investigate and assess the situation.”
In a social media post, cybersecurity advocacy group Deep Web Konek said that JG Summit was hit by an alleged ransomware attack, which apparently encrypted data on over 40,000 computers within the company’s network.
RansomHub seen as possible perpetrator of the attack
RansomHub, which was supposedly responsible for the attack, expressed frustration over being ignored by JG Summit and was threatening to initiate additional attacks if its demands were not met, according to Deep Web Konek.
JG Summit said it takes the alleged cyberattack issue “very seriously.”
“We recognize that many organizations have faced similar challenges in the current cybersecurity landscape. And, therefore, protecting our data and maintaining the trust of our stakeholders remain our top priority,” the company said.
“We will provide relevant updates as needed,” it added.
(News excerpt from GMA News)
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