Smiths Group hit by cyber attack as global empire admits to unauthorised access to systems

Smiths Group, a global engineering firm, has reported a cyber security incident involving unauthorised access to its systems.

The company promptly isolated the affected systems and activated its business continuity plans upon detecting the breach, as reported by City AM.

Smiths Group is working with cyber-security experts to restore the compromised systems and assess any broader implications for its operations.

The firm has also committed to complying with all relevant cyber regulatory requirements and will provide further updates as more information becomes available.

Following the announcement, its shares dropped by up to 2.3 per cent in early trading.

This news comes as cyber security concerns rise across various business sectors, amid the implementation of the Digital Operations Resilience Act (DORA) earlier this month.

This regulation was designed to increase the financial system’s resilience to cyber threats.

Research from Rubrik recently found that ransomware remains the biggest threat to UK finance and banking organisations, with 46 per cent of respondents citing it as a great security concern.

James Hughes, VP of sales and enterprise CTO at Rubrik, said: "Given the increasing threat of ransomware and third-party compromise, the implementation of regulations is required and expensive."