NewPark Resources, a supplier of equipment for oil fields, recently suffered from a cyber attack. The incident took place at the end of October, during which the attackers utilized ransomware to disrupt the company’s internal systems.
In a report filed with the US Securities and Exchange Commission (SEC) on Thursday, NewPark Resources revealed that the attack occurred on October 29th and impacted various corporate information systems, including financial and operational reporting.
Despite the operational disruptions, the company’s production and field operations have been able to continue due to established contingency plans. However, certain business applications and systems had restricted access as a result of the attack.
At this time, NewPark Resources is unable to quantify the financial impact of the cyber attack, but it believes that it will not have a significant effect on its overall financial standing. The company reported a quarterly revenue of $44 million and forecasts an annual income of up to $223 million.
NewPark Resources offers equipment and services for drilling and maintenance of oil wells, as well as for various other industries including pipelines, renewable energy, and construction. The identity of the cyber criminals responsible for the attack remains unknown.
The oil and gas industry is a frequent target for cyber attacks due to its critical importance, which increases the likelihood of ransom payments. In recent years, major companies in the sector such as Shell, Halliburton, and Colonial Pipeline have also been impacted by cyber attacks. As a result, authorities are ramping up cybersecurity measures to safeguard the energy sector.