Ransomware Attack on Sierra Wireless Announced
First reported by BusinessWire, Sierra Wireless (NASDAQ: SWIR) (TSX: SW), the world’s leading IoT solutions provider, today announced that it discovered it was the subject of a ransomware attack on its internal IT systems on March 20, 2021.
Immediate Measures Taken
Once the company learned of the attack, its IT and operations teams immediately implemented measures to counter the attack in accordance with established cybersecurity procedures and policies that were developed in collaboration with third-party advisors. These teams, with the assistance of these and additional third-party advisors, believe they have addressed the attack, and are currently working to bring Sierra Wireless’ internal IT systems back online.
Impact of Attack
At this time, Sierra Wireless believes the impact of the attack was limited to Sierra Wireless systems, as the company maintains a clear separation between its internal IT systems and customer facing products and services.
Manufacturing Disruptions
As a result of the ransomware attack, Sierra Wireless halted production at its manufacturing sites. The company’s website and other internal operations have also been disrupted by the attack. The company believes it will restart production at these facilities and resume normal operations soon. In the meantime, Sierra Wireless asks its customers and partners for their patience as it seeks to remediate the situation.
Due to these disruptions, Sierra Wireless is at this time withdrawing the First Quarter 2021 guidance it provided on February 23, 2021.
Recent Updates | As of March 26,2021
Excerpt of recent announcements - "As Sierra Wireless announced on March 23 and updated on March 26th, 2021, it was the subject of a ransomware attack on its internal IT systems and corporate website. We believe the attack has been addressed, have resumed production and are currently working to bring Sierra Wireless’ internal IT systems back online, including our website.
We believe the impact of the attack was limited to Sierra Wireless’ internal IT systems and corporate website, as we maintain a clear separation between our internal IT systems and customer facing products and services. We believe that our products and connectivity services were not impacted, and that our customers’ products and systems were not breached during the attack.
At this point in our investigation of the ransomware attack, we do not expect there to be any product security patches, or firmware or software updates required as a result of the attack."
Forward Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, our efforts to remediate the ransomware incident; our ongoing systems recovery efforts; statements as to the impact of the ransomware incident on our business operations; express or implied statements relating to our ability to manage the ransomware incident and other statements contained in this press release that are not historical fact. When used in this press release, the words "plan", "expect", "believe", and similar expressions generally identify forward-looking statements.
These statements reflect our current expectations. Factors that could cause actual results to differ materially from those expressed or implied include the ongoing assessment of the incident; adverse legal, reputational and financial effects on the Company resulting from the incident or additional cyber incidents, and the effectiveness of the Company’s business continuity plans during the ransomware incident. Our business is also subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in the wireless data communications market.
In light of the many risks and uncertainties surrounding the wireless data communications market, you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized.
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