July 20, 2024
Targus says cyberattack is causing operational outage

Mobile gadget and bag maker Targus says it is experiencing a “temporary interruption” to its business operations following a cyberattack on Friday.

In a notice with regulators on Monday, Targus’ parent company, B. Riley Financial, said it discovered “a threat actor gained unauthorized access to certain of Targus’ file systems,” and shut down much of its network to isolate the incident.

“The incident has been contained and Targus systems recovery efforts are in process,” the statement said.

Details of the cyberattack at Targus are now public thanks to a new rule by the U.S. securities regulator that requires public companies disclose cyberattacks — including on their subsidiaries — that could have a material impact on investors within 96 hours of their discovery.

Targus did not say what kind of interruption to its operations it was experiencing. It’s not uncommon for companies to shut down their networks in an effort to prevent intruders from accessing other systems or sensitive data. The company did not give a timeframe for when its operations would return to normal.

It’s not known if any Targus customer data was stolen in the intrusion, but the company said it will “work with law enforcement with respect to the unauthorized access to information.”

Founded in 1983, Targus is a popular mobile electronics brand and accessory maker. B. Riley acquired Targus in a 2022 deal worth approximately $250 million.

When reached by email, a spokesperson for B. Riley did not immediately comment.

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