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Microchip Technology Reports Cybersecurity Breach, Stock Falls 2%

Aug 20, 2024, 09:21 PM

Microchip Technology reported a cybersecurity breach that disrupted operations at some of its facilities. The breach, detected on August 17, involved unauthorized access to its network, leading to the shutdown of certain systems and a reduction in operational efficiency. As a result, the company's manufacturing facilities are operating below normal levels, affecting its ability to fulfill orders. The incident has also impacted the company's stock, which fell by 2% after hours.