The recent ransomware attack on Newpark Resources, a Texas-based supplier of fluid systems and industrial solutions to the oil and gas industry, has raised significant concerns regarding the company’s digital security and business continuity. The attack, which occurred on October 29, 2024, led to substantial disruptions in their computer systems, impacting both business and financial reporting operations. Despite these challenges, Newpark has assured stakeholders that its manufacturing and field operations remain largely unaffected, thanks to the immediate implementation of established downtime procedures.
In response to the attack, Newpark swiftly activated its cybersecurity response plan and commenced an internal investigation with the support of external advisors. This proactive approach aims to assess and contain the threat, although the full scope of the incident remains undetermined. Notably, no ransomware group has yet claimed responsibility for the attack, adding to the complexity of the situation. Newpark, with a market capitalization of $658 million, continues to work diligently to restore complete system functionality and minimize the impact on its financial condition and operational results.
