Morgan Advanced Materials

Summary

Morgan Advanced Materials experienced a cybersecurity incident involving unauthorized network activity, prompting immediate containment measures within its IT infrastructure. The company launched an investigation with specialist support, activated incident response plans, and initiated remediation efforts to restore systems while assessing potential operational impacts. Precautionary actions were taken to maintain trading continuity with customers and suppliers, though the incident led to a temporary decline in share value. Further updates were planned as the situation evolved, but specific details regarding the attack's nature or full business consequences remained undisclosed at the time.

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Description

On January 10, 2023, Morgan Advanced Materials plc, a British manufacturer of specialized materials for semiconductors, electric vehicles, and solar panels, disclosed a cybersecurity incident via a filing with the London Stock Exchange. The company detected unauthorized activity on its network and immediately initiated an investigation while engaging specialist support services. Morgan Advanced Materials implemented its incident response plans, taking unspecified precautionary measures within its IT infrastructure to contain the breach. Actions to remediate affected systems and restore normal operations were underway at the time of the announcement. The company, founded in 1856 and ranked among the top 350 businesses on the London Stock Exchange, did not disclose the nature or origin of the attack. With approximately 7,800 employees globally and annual revenues exceeding £950 million ($1.15 billion), the organization emphasized its focus on maintaining business continuity throughout the response.

The incident announcement caused Morgan Advanced Materials' shares to decline by 1.78% during trading on January 10. While the company confirmed ongoing assessment of potential impacts, it provided no specifics regarding operational disruptions, compromised systems, or data exposure. Management stated they were taking steps to ensure continued trade with customers and suppliers across their industrial components and advanced materials divisions. Richard Armitage, Chief Financial Officer, was identified as responsible for disclosing the inside information contained in the regulatory filing. Morgan Advanced Materials committed to providing further updates as appropriate, but no timeline for resolution or additional details about remediation efforts were disclosed in the initial statements. The company's response remained focused on containment, system restoration, and maintaining commercial operations during the investigation.

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