Tagus business operations disrupted by cyber attack

Targus, a well-known laptop bag and case manufacturer, suffered a cyber attack, causing its normal business operations to be disrupted.

In an SEC filing, Targus described how it discovered on Friday that hackers had gained unauthorized access to its IT systems.

As a result, the company experienced a “temporary disruption” to its operations as part of what Taggs described as “proactive containment measures” to prevent the hackers from causing more problems.

In short, Targus was forced to disable much of its infrastructure in order to keep the bad guys out.

The company said it was continuing to investigate the incident and had sought assistance from outside experts. It also said it did not expect the incident to have a material impact on the company’s financial results.

However, Taggs did not tell us anything about the nature of the attack. Now everyone probably has a question – so, is this a ransomware attack?

Targus has yet to confirm in its SEC advisory whether malware, let alone ransomware, was involved in the attack. We just don’t know if this is ransomware.

But in the case of ransomware, the attackers likely not only encrypted the system but also stole large amounts of data from the Targus network and threatened to release it to the wider world if the company did not give in to the blackmailers. . need.

Without SEC regulations that took effect late last year, we might not have known about the problems Targus was experiencing so quickly.

Starting December 15, 2023, U.S. companies must disclose potentially significant cybersecurity incidents to the SEC within four working days, even if the full scope of the attack’s impact remains unknown.

There is no doubt that we will see more companies follow Targus’s lead and comply with SEC regulations shortly after a cybersecurity incident is discovered. We may also see more ransomware gangs actually threaten victims with SEC disclosures if they believe it will accelerate ransomware negotiations.

As of this writing, no hacker group has publicly claimed responsibility for the Targus attack.