Cyber attack hits Tower Semiconductor

Russell Ellwanger

The company says it has taken measures to prevent expansion of the event, and has no assessment yet of its effect.

Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) has been dealing with a cyber attack that hit the company's systems. The extent of the attack and its effect on the company's activity are not yet known.

Tower Semiconductor said in a statement released today, "The company’s IT security systems identified a security incident on some of its systems as a result of a cyber event. As a preventive measure, the company halted certain of its servers and proactively held operations in some of its manufacturing facilities, and has done so in a gradual, organized manner.

"Tower has notified relevant authorities and is working closely with law enforcement organizations and with a leading team of worldwide experts, coordinated with its insurance providers, in order to recover the impacted systems as soon as possible. The company has implemented specific measures to prevent the expansion of this event. At this point there is no assessment as to the actual effect on the company."

Tower Semiconductor (which trades as TowerJazz), based in Migdal Ha'emek and headed by Russell Ellwanger, is a semiconductor company that produces chips for other companies. It has fabs in Migdal Ha'emek and at other sites around the world. In the first half of 2020, its revenue totaled $610 million, 1% less than in the first half of 2019. Net profit was $36.1 million, and EBITDA was $154 million, 3.6% more than in the first half of 2019.

Published by Globes, Israel business news - en.globes.co.il - on September 6, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Russell Ellwanger
Russell Ellwanger
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