Targus International, LLC, an indirect subsidiary of B. Riley Financial, Inc., reported a significant cybersecurity breach that impacted its business.
Targus is known for its wide range of mobile computing accessories designed for professionals on the go. The company offers a variety of products, such as laptop bags, backpacks, tablet cases, docking stations, and other mobile computing accessories aimed at enhancing productivity and protecting devices.
The security incident, which involved unauthorized access to Targus' file systems, prompted immediate action from the company. Targus, with the help of external cybersecurity experts, activated its incident response and business continuity plans to investigate, contain, and remediate the breach. This swift action led to a temporary disruption of Targus' business operations, although the breach has been reportedly contained, and recovery efforts are underway.
“On April 5, 2024, Targus International, LLC and certain affiliates (collectively, “Targus”), each of which is an indirect subsidiary of B. Riley Financial, Inc. (the “Company”), discovered that a threat actor gained unauthorized access to certain of Targus' file systems,” reads the 8-K form addressed to investors.
“Upon discovery and with assistance from external cybersecurity counsel and consultants, Targus immediately activated its incident response and business continuity protocols to investigate, contain, and remediate the incident.”
Despite the potential severity of such breaches and the admitted impact on Targus operations, B. Riley Financial, Inc. does not anticipate a material impact on its financial condition or operations as a whole. Relevant regulatory authorities have been notified, and law enforcement is being engaged to address the unauthorized access.
The full disclosure can be found in this 8-K filing submitted to the Securities and Exchange Commission (SEC) in compliance with the entity's legal obligations.
Currently, it is unclear if the perpetrators managed to steal any data, impacting the firm's personnel, partners, or customers. However, this possibility cannot be excluded based on the events. Also, no major ransomware groups have assumed responsibility for the attack yet.
This incident highlights the ever-present risk of cybersecurity threats and underscores the importance of robust security protocols and rapid response plans to mitigate potential impacts on operations and financial stability. It serves as a reminder for companies across all sectors to continually assess and update their cybersecurity measures to protect against unauthorized access and ensure business continuity in the face of such incidents.
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