Smiths Group: Shares fall as engineering giant hit by cyber attack

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

Upon detecting the breach, the firm promptly isolated the affected systems and activated its business continuity plans to mitigate disruptions.

The company, known for its baggage screening equipment and explosive detectors, is collaborating with cyber-security experts to restore the compromised systems.

This will help it assess any broader implications for its operations.

The firm has also committed to complying with all relevant cyber regulatory requirements, and has announced that it 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 also 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.

Smiths Group did not comment or provide further details.