Owners of Boyd Group Income Fund (the Boyd Group), detected a ransomware attack on a subset of its information technology systems in late June. According to the Boyd Group, once the attack was detected, steps were immediately taken to contain any potential impact to its data and operations.
The company recently released a statement which mentioned there is no evidence that customers’ or employees’ information was compromised as a result of its cyber-attack. Cybersecurity experts have been conducting forensic analysis’ to confirm no information was compromised. If the results show anything was compromised, the Boyd Group will immediately take notify impacted parties, according to the company. Independent cybersecurity firms have been brought in to help the company understand the extent of the attack.
“We are taking this attack seriously,” said Brock Bulbuck, the Boyd Group CEO. “The integrity of our data and the security of our systems is paramount. Our team, backed up by independent industry specialists, have been working around the clock to minimize the impact on our valued customers, employees and operations. Unfortunately, no organization can guarantee it won’t suffer a cyber-attack. However, the Boyd Group is committed to ensuring it has the appropriate controls in place to quickly identify and recover from such an attack.”
After detecting the attack, the Boyd Group immediately put back-up and recovery plans into action, and are working to get all systems back to full functionality, according to the company. It also reported the attack to law enforcement agencies.
Most of the Boyd Group’s locations have been able to continue processing and completing repairs at normal or near normal levels, and the company states this event and the recovery period will interruption some of its business and result in losing some of its sales. At this time based on current information and analysis, the overall financial impact is expected to be minimal, according to the company. It has notified its insurance carrier of this potential loss to maximize recoveries.
“While this has been a disruptive event that will have some short-term impact on our sales and earnings, our business model and strategy remains solid and unaffected. We will continue to work with cybersecurity specialists to turn back unauthorized activity in this age of highly sophisticated threats to information systems,” said Bulbuck.