Cyber Incident Victim: Gates Industrial Corporation plc
Date:
Feb 2023
Location:
United States of America
Summary
A malware attack targeted Gates Industrial Corporation plc, prompting activation of incident response and business continuity plans. The attack disrupted information technology systems, leading to temporary suspension of production and shipping operations across most facilities. While some locations have restored functionality, efforts continue to fully reinstate remaining affected systems. Investigations may reveal unauthorized access to personally identifiable information, with potential notifications to impacted individuals as required. The organization is assessing financial costs and operational impacts, including potential offsets from cyber insurance coverage, with a comprehensive evaluation pending full system restoration.
| CIA Posture | Motives | Tactics, Techniques & Procedures |
|---|---|---|
| Available to members | 1 motive | 2 techniques |
| Threat Actors | Type | Location |
|---|---|---|
| 0 actors | Available to members | Available to members |
Description
On February 11, 2023, Gates Industrial Corporation plc publicly disclosed it had been targeted by a malware attack, with the earliest event date reported as February 1, 2023. The company immediately activated its incident response and business continuity protocols to contain, assess, and remediate the incident. This included initiating an internal investigation, engaging external cybersecurity experts and advisors, and notifying relevant law enforcement authorities. The attack compromised certain information technology systems, prompting the company to proactively suspend affected systems and voluntarily take additional systems offline as a containment measure. These operational suspensions caused widespread disruption, temporarily paralyzing production and shipping capabilities across most of the company's global facilities. While some facilities resumed partial production and shipping during the containment phase, the majority remained impaired pending system restoration. The company projected that full system recovery would largely occur within days, enabling a substantial return to normal operations.
The ongoing investigation aimed to determine whether personally identifiable information (PII) was accessed during the breach, with the company committing to notify affected individuals per applicable laws if evidence of PII exposure emerged. Gates Industrial concurrently began evaluating the financial and operational impacts of the incident, including potential costs for remediation, business interruption, and recovery efforts. The company acknowledged that cyber insurance might offset some expenses but emphasized that a comprehensive assessment of net impacts would only be feasible after full system restoration. In its SEC filing, the company referenced cybersecurity and operational disruption risks previously detailed in its 2022 Annual Report on Form 10-K. Forward-looking statements cautioned that actual outcomes could differ materially due to factors including the effectiveness of containment measures, legal or reputational repercussions, and unforeseen complications in system recovery timelines. The Form 8-K was formally signed by CEO Ivo Jurek on February 14, 2023, confirming the regulatory disclosure.