On Friday, mobile gadget and bag manufacturer Targus announced that its business operations were experiencing a temporary interruption due to a cyberattack. According to a notice filed with regulators on Monday by Targus’ parent company, B. Riley Financial, a “threat actor” illegally gained access to certain file systems belonging to Targus, leading the company to shut down much of its network in order to contain the incident.
The statement further explained that Targus’ systems are currently in the process of being recovered. However, the specifics of the attack and its impact on the company’s operations have not been disclosed. It is not uncommon for companies to take this measure of shutting down their networks to prevent further intrusion or potential data breaches. No timeline has been provided for when Targus’ operations will return to normal.
This incident at Targus, which occurred on Friday, has now been made public thanks to a new rule implemented by the U.S. securities regulator that requires public companies to disclose any cyberattacks, including those affecting their subsidiaries, within 96 hours of their discovery. This rule aims to protect the best interests of investors who may be impacted by such attacks.
It is also unclear at this time if any customer data has been stolen in the intrusion. However, Targus has stated that they will work with law enforcement to address the unauthorized access to information.
Targus, well-known for its mobile electronics brand and accessories, was founded in 1983. In 2022, it was acquired by B. Riley for approximately $250 million.
When contacted for comment via email, a spokesperson for B. Riley did not immediately respond.
