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Targus Faces Operational Halt After Cyberattack

ByHuey Yee Ong

Apr 11, 2024
Targus Faces Operational Halt After Cyberattack

Targus Faces Operational Halt After Cyberattack

Targus, a renowned maker of mobile gadgets and bags, has announced a “temporary interruption” in its business operations due to a cyberattack that occurred on Friday.

The incident came to light in a regulatory notice by Targus’ parent company, B. Riley Financial, on Monday. According to the disclosure, an unauthorized entity gained access to certain Targus file systems, prompting the company to significantly shut down its network to mitigate the breach.

This disclosure follows a new regulation by the U.S. securities regulator requiring public companies to inform about cyberattacks on themselves or their subsidiaries within 96 hours if these incidents could materially affect investors. This rule applies not just to the companies themselves but also to their subsidiaries.

While Targus has confirmed the breach and the subsequent operational disruption, it has not specified the nature of the operational impact. This vagueness is not unusual, as companies often limit access to their networks to prevent further unauthorized entry and protect sensitive data during such security incidents. The timeline for when Targus expects its operations to normalize remains unclear.

The company has not disclosed whether any customer data was compromised during the attack. However, Targus has stated its intention to work with law enforcement regarding the unauthorized access to information.

Targus, established in 1983, is a well-regarded brand in the mobile electronics accessory market. B. Riley Financial acquired the company in 2022 for an approximate value of $250 million.


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Featured Image courtesy of charlesdeluvio on Unsplash

Huey Yee Ong

Hello, from one tech geek to another. Not your beloved TechCrunch writer, but a writer with an avid interest in the fast-paced tech scenes and all the latest tech mojo. I bring with me a unique take towards tech with a honed applied psychology perspective to make tech news digestible. In other words, I deliver tech news that is easy to read.

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