Ferrari Investigating Cyber Incident

By Paul Ziobro

Automobile company Ferrari NV is investigating a cybersecurity incident after a subsidiary was contacted with a ransom demand related to certain client contact details.

The company said on Monday that Ferrari SpA, its wholly owned Italian subsidiary, received the demand from a threat actor and that it immediately launched an investigation with a third-party cybersecurity firm. It also informed relevant authorities.

The company said it has notified customers of the potential data exposure and the nature of the incident, but won't pay any ransom demands.

"As a policy, Ferrari will not be held to ransom as paying such demands funds criminal activity and enables threat actors to perpetuate their attacks," the company said in a statement.

Ferrari said it has worked with third-party experts to further reinforce its systems. It added that the breach had no impact on company operations.

Write to Paul Ziobro at paul.ziobro@wsj.com

(END) Dow Jones Newswires

March 20, 2023 18:23 ET (22:23 GMT)

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