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Boyd Group Income Fund suffered from a ransomware attack


Boyd Group Income Fund, the investments fund company, has suffered from a ransomware attack that impacted some of their IT systems.


On Jun. 27, 2019, the Boyd Group has discovered a ransomware attack on their IT (Information Technology) systems. Once detected by internal systems, Boyd immediately took the essential steps so as to contain as well as mitigate any possible impact on the Boyd's data along with operations, as well as for starting the recovery process.


Right now, there is no proof that employees' or customers' information was compromised due to this attack. Most of the customer data of Boyd Group is stored not in its IT systems, but in the cloud-based applications. Any personal information of customer stored in the Boyd's systems is limited by nature. So, the organization thinks that no employee data or customer information has been compromised. However, still a detailed forensic investigation is going on, so as to determine the impact and scope of this attack.


Independent cybersecurity firm has been hired by Boyd Group to help the company in determining the extent and nature of this attack.


Yahoo Finance reported that Brock Bulbuck, Boyd Group Income Fund CEO, said that "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".


After detecting the ransomware attack, Boyd Group has immediately implemented the countermeasures so as to prevent more infection, in accordance with the established company policies. In addition, back-up as well as recovery plans have been put into action, so as to restore all the systems back as fast as possible to full functionality. Boyd Group has also reported this incident to the law enforcement agencies.


Bulbuck said that "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. Boyd is committed to utilizing all available means to protect its operations and its customers' information". Full extent of this impact cannot be determined right now until all the operations were fully recovered, however the total financial impact is likely to be minimal.


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