Boyd Group Income Fund hit with ransomware attack

• The attack has resulted in a temporary interruption of some business, however, most of Boyd's locations were able to continue to business.
• The organization is working with back-up and recovery plans in order to restore all systems back to full functionality as quickly as possible.

Boyd Group Income Fund, an investments fund company suffered a ransomware attack impacting some of its IT systems.

The big picture

On June 27, 2019, Boyd Group detected a ransomware attack on its IT systems. Upon detection, the investments fund company took the necessary steps to contain and mitigate the attack.

Boyd Group noted that most of its customer data is stored in cloud-based applications and not in its IT systems. Any data stored in Boyd's systems is limited in nature. Therefore, the organization believes that no customer information or employee data have been compromised.

However, a comprehensive forensic investigation is still ongoing in order to determine the scope and impact of the attack.

The response

• Boyd has hired independent cybersecurity firms to assist the company is determining the nature and extent of the attack.
• It had reported the incident to law enforcement authorities.
• The organization is also working with back-up and recovery plans in order to restore all systems back to full functionality as quickly as possible.

The impact

The attack has resulted in a temporary interruption of some business, however, most of Boyd's locations were able to continue to business. The full extent of the impact cannot be determined at this point until all operations have been fully recovered, however, the overall financial impact is expected to be minimal.

“We are taking this attack very seriously. 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,” Brock Bulbuck, CEO of Boyd Group Income Fund said, Yahoo Finance reported.