2023-02-14 Gates Industrial Corp plc Cybersecurity Incident

Page last updated on April 11, 2024

Gates Industrial Corp plc initially disclosed a cybersecurity incident in an SEC 8-K filing on 2023-02-14 17:25:45 EST.

Incident Details

Material: Unknown
Is Breach: Unknown
Records Compromised: Unknown
Data Types Impacted: No Data Types Tracked (yet)

Compromised Date:
Detected Date: 2023-02-11
Disclosure Date: 2023-02-14
Contained Date:
Recovered Date:

Attack Goal: Unknown

Costs: No Costs Tracked (yet)

Filings

8-K filed on 2023-02-14

Gates Industrial Corp plc filed an 8-K at 2023-02-14 17:25:45 EST
Accession Number: 0001718512-23-000016

Item 8.01 Other Events.

On February 11, 2023, Gates Industrial Corporation plc (the “Company”) determined that it was the target of a malware attack. The Company promptly activated its incident response and business continuity plans designed to contain, assess and remediate the incident. The Company also initiated an investigation, engaged the services of cyber-security experts and outside advisors and notified appropriate law enforcement authorities. The attack affected certain of the Company’s information technology systems, and as part of the containment effort, the Company suspended affected systems and elected to temporarily suspend additional systems. These suspensions resulted in the temporary inability of most of our facilities to produce and ship our products. We have restored production and shipping at some of these facilities and are actively engaged in restoring the remaining affected systems, which is expected to be largely complete in the coming days so that normal operating activities can substantially resume. It is possible that the Company’s investigation of this incident may reveal that personally identifiable information (“PII”) was accessed, and to the extent the Company ascertains that any PII was accessed, the Company will notify those affected individuals in accordance with applicable laws. The Company is in the process of evaluating the full scope of the costs and related impacts of this incident, including the extent to which our cyber insurance may offset these costs, and will be in a better position to assess the net impact after its systems and operations are fully restored.

For further information regarding the risks associated with cyber security incidents and disruptions to our operations, please see “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

Company Information