OSV Owner Vallianz Reports Ransomware Attack In Recent Cybersecurity Breach

Singaporean OSV player Vallianz recently fell victim to a cyberattack, with the details of the incident disclosed in an investor announcement filing with the Singapore Exchange (SGX). The company reported that it had been targeted by a ransomware hacking group, gaining unauthorized access to its servers. However, Vallianz was quick to detect the intrusion and took immediate steps to contain and resolve the attack. Fortunately, the company determined that there was no significant impact on its business operations as a result of the cyberattack.

The assessment of the attack’s impact is still ongoing, with expert consulting assistance enlisted to help in the investigation. Vallianz has also informed the relevant authorities about the incident. Despite the cyberattack, Vallianz’s stock price remained relatively stable, trading between $0.03 and $0.04 since early 2023. The company had previously breached financial covenants with some lenders in June 2024, leading to conditional waiver notices that expired on December 31. While negotiations with other lenders are ongoing, one lender has agreed to extend the waiver through the end of 2025. Additionally, Vallianz’s parent company has committed to funding the OSV firm’s operations and financial obligations until mid-2025.

In conclusion, Vallianz’s response to the cyberattack highlights the importance of cybersecurity measures in safeguarding business operations. Despite facing challenges with financial covenants, the company is actively working towards resolving these issues with the support of its lenders and parent company. The ongoing assessment of the cyberattack’s impact underscores the need for vigilance and preparedness in the face of evolving cybersecurity threats.

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