A big-time polymer manufacturing company headquartered in Mumbai, India, Time Technoplast LTD, is currently suffering an undisclosed hack that could affect its operations, employees, and customers – allegedly conducted by the ALPHV ransomware gang.
Time Technoplast is a multinational company engaged in manufacturing polymers and composite products. The company’s primary products are polymer-based tools such as packaging tools, Double Wall Corrugated (DWC) pipes, High-Density Poly Ethelyn (HDPE), and auto components.
This company that specialises in plastic products was established in 1989 and now has numerous manufacturing headquarters in different parts of the globe, such as Bahrain, Egypt, Indonesia, India, Malaysia, the UAE, Taiwan, Thailand, Vietnam, Saudi Arabia, and the USA.
The ALPHV threat group has allegedly breached the Time Technoplast company’s system, resulting in the loss of troves of data.
According to researchers, Time Technoplast has lost 150GB worth of data after the ALPHV threat group successfully executed a breach against its network.
Researchers claimed that it could potentially affect the workflow of the concerned company since the hackers stole numerous critical details during the alleged hack. The India-based company might suffer financial loss as some of the confirmed data in the stolen dataset includes financial documents and reports, analytical and strategic documents, and confidential data.
Furthermore, Time Technoplast could receive a significant backlash from the affected individuals since the data could have also contained the personal information of its staff, logistic documents, contracts, clients’ bases, human resources details, and corporate documents.
This issue is a developing story that could impact many individuals and companies.
On the other hand, the ALPHV, more notorious by its name “BlackCat”, is a relatively new ransomware group that has been rampaging across different organisations worldwide. The latest cybercriminal activity from this group is cloning its targets’ websites and exposing stolen data to extort the victims.
The India-based conglomerate in this report could suffer the same if the attack is confirmed, with the BlackCat ransomware group being the culprit.
