Itron, a global technology provider for the utilities industry, has disclosed it suffered a cybersecurity breach.
In an 8-K form filed to the US Securities and Exchange Commission (SEC) on April 24, the US-based firm revealed its IT systems were breached by an unauthorized third-party actor.
Upon discovering the activity, Itron, which produces products and services for energy and water resource management, immediately activated its cybersecurity response plan. The firm also launched a comprehensive investigation with the support of external advisors in order to assess, mitigate, remediate and contain the breach.
As part of its response efforts, the company also proactively notified law enforcement authorities.
Itron confirmed that it has since taken action to fully remediate and remove the unauthorized activity from its systems and has not observed any subsequent unauthorized access within its corporate systems.
The company also stated that no unauthorized activity was detected in the customer-hosted portion of its systems and that its operations have continued unaffected in all material respects, meaning day-to-day business activities were not significantly disrupted as a result of the incident.
Itron noted that it expects a significant portion of the direct costs incurred in connection with the incident to be reimbursed by its insurers, helping to limit the overall financial impact of the breach.
The company added that it is currently evaluating what legal filings and regulatory notifications may be required as a result of the incident and intends to take appropriate action based on its review and findings.
Finally, Itron asserted that, at this stage, it does not believe the incident has had, or is reasonably likely to have, a material impact on the company.
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