June 24, 2024 at 02:08PM
Several US companies filing Form 8-Ks with the SEC have referenced a cyber incident affecting CDK Global, a major software provider for car dealerships. The incident has disrupted business operations, leading affected companies to deploy mitigation strategies. CDK has faced two system shutdowns and is reportedly considering a ransom payment to an Eastern European cybercrime gang.
Key takeaways from the meeting notes:
– Several US companies have filed Form 8-Ks with the SEC, referencing disruptions caused by a cyber incident at CDK, a software provider for car dealerships.
– CDK’s software supports various functions for nearly 15,000 car dealerships, and the cyber incident caused significant disruptions, prompting affected customers to deploy mitigation strategies.
– The affected companies, including Group 1 Automotive, Sonic Automotive, Penske Automotive Group, and Lithia Motors, reported varying degrees of disruption, with some resorting to pen-and-paper operations.
– Recovery timelines are uncertain, though CDK assured customers that recovery would be a matter of days rather than weeks.
– There are reports suggesting CDK is considering paying a ransom to an Eastern European cybercrime gang, though CDK has not confirmed these claims.
– CDK experienced an additional cyber incident on June 19, proactively shutting down most of its systems, and is working with third-party experts to assess the impact and provide updates to customers.
These takeaways provide a clear summary of the main points discussed in the meeting notes, allowing for easy understanding and reference.