Targus Faces Operational Disruption After Cyberattack

Targus, a prominent manufacturer of mobile gadgets and bags, has disclosed a “temporary interruption” to its business operations following a cyberattack that occurred on Friday.

B. Riley Financial, Targus’ parent company, revealed in a notice to regulators on Monday that a “threat actor gained unauthorized access to certain of Targus’ file systems,” prompting the shutdown of much of its network to contain the incident.

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

The disclosure of the cyberattack at Targus comes as a result of a new rule implemented by the U.S. securities regulator, mandating public companies to report cyberattacks, including those affecting subsidiaries, within 96 hours of discovery if they could potentially impact investors materially.

Targus did not specify the nature of the operational disruption it is facing. It is common practice for companies to halt their networks to prevent intruders from accessing additional systems or sensitive data. However, the company did not provide a timeline for the restoration of normal operations.

While it remains unclear whether any Targus customer data was compromised in the breach, the company stated its intention to collaborate with law enforcement regarding the unauthorized access to information.

Established in 1983, Targus has established itself as a leading brand in the mobile electronics industry, specializing in accessories. B. Riley Financial acquired Targus in a deal valued at approximately $250 million in 2022.