Swatch Group hit by cyberattack, operations affected
Swatch Group, the biggest watch manufacturer in the world, has been hit by a cyberattack. The specifics of the intrusion are yet to be revealed, but the incident has affected the operations of the Swiss conglomerate, Reuters reported. It comes as the latest in a flurry of security incidents that have been reported in recent months. Here's more.
Attack detected over the weekend
On Tuesday, Swatch Group announced that it detected a cyber attack on its technology systems over the weekend. "Swatch Group confirms that it has identified clear signs of a developing cyberattack on some of its IT systems during the weekend," the conglomerate told Reuters, without explaining what kind of attack was carried out and by which group.
Technology systems shut down in response
In response to the intrusion, Swatch took the precautionary step of shutting down some of its technology systems to block out the attackers. This, the company said, has impacted some of its operations, although it is not exactly clear which divisions have been hit and when they will return to normal. Swatch only stated, "The situation will return to normal as soon as possible."
Swatch Group owns several popular brands, including RADO
The Swatch Group owns the Swatch line of watches and jewelry and other popular brands, including Blancpain, Breguet, Glashütte Original, MIDO, Hamilton, Calvin Klein, Harry Winston, Longines, Omega, Tissot, and RADO.
Other questions also remain unanswered
Even though the company has revealed the incident, many questions remain unanswered, including whether any customer/business information has been stolen or encrypted for ransom. If not handled effectively, cyber-security incidents can have a major impact on a business and its customers as their data - be it personal information or confidential IPs - may end up in the public domain, posing more security risks.
Cyber security incidents have risen lately
The attack on Swatch Group is just the latest in a series of intrusions against renowned brands in the industry. Since late July, several organizations have been attacked, including GPS tech provider Garmin, photography equipment maker Canon, Ray-Ban owner Luxottica, and Carnival Corporation. Not to mention, just this week, several Universal Health Services' facilities across the US went dark due to a ransomware attack.