TORONTO, July 10, 2020 /CNW/ - Pivot Technology Solutions, Inc. (TSX: PTG), ("Pivot", "Company"), a full-service information technology provider, confirms that the Company recently experienced a cybersecurity incident ("Incident") in which an unauthorized third-party attempted to encrypt Pivot's technology infrastructure and extract data. Upon detection of the Incident, Pivot immediately implemented countermeasures to minimize the encryption of its systems. As a result, Pivot's business operations were not interrupted.
In response to this Incident, Pivot engaged industry-leading cyber forensic experts who are assisting with remediation and investigating the extent of any data compromise. At the present time, Pivot has determined that some data on its systems was exposed and it is taking steps to mitigate the risk of unauthorized use of confidential information including promptly notifying the affected parties. Based on the preliminary results of the investigation, Pivot believes that the Incident will have no material impact on its customers or suppliers, or otherwise on its operations.
Kevin Shank, President and CEO, Pivot Technology Solutions, Inc. said, "I'm pleased to see the Pivot security team's response to the encryption attack. The team's quick action allowed us to continue with normal business operations. Safeguarding data is one of our most important responsibilities and we are implementing additional security measures as a result of this incident. Pivot will continue to invest and implement leading-edge technologies to protect its systems and data from the ever-growing cybersecurity threats."
ABOUT PIVOT TECHNOLOGY SOLUTIONS
Pivot is an industry-leading information technology services and solutions provider to many of the world's most successful companies, including members of the Fortune 1000, as well as governments and educational institutions. By leveraging its extensive original equipment manufacturer (OEM) partnerships and its own fulfillment, professional, deployment, workforce and managed services, Pivot supports the IT infrastructure needs of its clients. For more information, visit www.pivotts.com.
FORWARD-LOOKING STATEMENTS
This news release may contain statements that to the extent, they are not recitations of historical fact, may constitute "forward-looking statements" within the meaning of applicable Canadian securities laws, including the statements with respect to the Company's belief that the incident will not have a material impact on customers, suppliers or otherwise on its operations, and the implementation of leading-edge technologies to protect the Company's systems. Any such forward-looking statements are based on assumptions and analyses made by Pivot in part based on analyses of cyber forensic experts. However, whether actual results and developments will conform to Pivot's expectations and predictions is subject to any number of risks and uncertainties, and are based on the assumptions that the Company's analysis and that of its experts accurately identified the data compromised in the attack, and that the steps taken by the Company to mitigate the risk of unauthorized use will be effective. Many factors could cause Pivot's actual results to differ materially from those expressed or implied by the forward-looking statements contained in this news release, including the risk that the customer, supplier and other information that was compromised may have a material impact on certain customers and suppliers or otherwise on its operations, and thereby risk impairing the Company's relationships with customers and suppliers, the risk of unauthorized use of confidential information, the risk of a material impact on its operations, and the risk the implementation of new technologies by the Company will not be effective in precluding future cybersecurity attacks. There is no certainty that the Company will not be adversely affected by the cybersecurity incident notwithstanding the remediation and mitigation steps undertaken by the Company.The "forward-looking statements" contained herein speak only as of the date of this news release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
SOURCE Pivot Technology Solutions, Inc
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James Bowen, CFA, Pivot Technology Solutions, james.bowen@loderockadvisors.com, 416-519-9442Copyright CNW Group 2020