Smiths Group Hit by Global Cyber Security Breach as Share Price Tumbles

British engineering giant Smiths Group has fallen victim to a widespread cyber security breach, sending shockwaves through the FTSE 100. The company’s admission of unauthorised system access across its global operations has rattled investors, causing shares to decline 2 per cent to £18.46 during morning trading.

The mini-conglomerate, headquartered in London, revealed it has implemented emergency protocols and isolated affected systems upon discovering the breach. The company’s swift response included activating business continuity plans, though uncertainty remains regarding the full containment of the attack.

This security incident strikes at a particularly sensitive time for Smiths Group, which operates critical divisions including Smiths Interconnect, a crucial provider of satellite communication components for classified missions. The breach raises serious concerns about data security, though the company has yet to confirm whether customer information or personnel data has been compromised.

The timing proves especially challenging as Smiths Group navigates through a period of significant corporate transition, with recent changes in both chief executive and finance director positions. The cyber attack follows a tumultuous few months, during which the organisation faced pressure from activist investor Engine Capital advocating for a company sale or break-up.

This incident joins a growing list of high-profile cyber attacks targeting British corporations, including recent breaches at Transport for London’s Oyster card network and luxury retailer Harvey Nichols. The attack underscores the increasing vulnerability of major corporations to cyber threats and raises questions about corporate preparedness for such security challenges.

Despite these challenges, Smiths Group, currently valued at £8.4 billion, maintains its resilient stance, having recently upgraded its earnings forecast. The company promises further updates as its investigation alongside cybersecurity experts continues.