Yorozu Corporation, a major Japanese manufacturer of automotive components, announced that it would apply for an extension to the submission deadline for its semi-annual securities report due to the impact of a ransomware attack on its systems.
This Yorozu Corporation cyberattack, which occurred in mid-October, disrupted critical business operations, delaying financial audits and the finalization of necessary reports. As a result, the company will now submit its semi-annual report by January 17, 2025, extending the original deadline by two months.
Details of the Yorozu Corporation Cyberattack
In an official press release, the company expressed deep regret over the Yorozu cyberattack, which has caused significant inconvenience to its shareholders and other stakeholders. The release, dated November 14, 2024, clarified that the company’s financial operations were being hindered by the cyberattack, which compromised critical systems involved in auditing and report generation. The statement also emphasized the company’s commitment to completing the necessary procedures as quickly as possible and submitting the semi-annual report by the new deadline.
The first signs of the cyberattack on Yorozu Corporation were detected on the morning of October 14, 2024. The company reported that several files stored on its internal servers were encrypted by ransomware, rendering them inaccessible. Upon discovering the attack, the company immediately initiated its cybersecurity response protocols, forming an incident response team at its headquarters in Yokohama. The team, supported by third-party cybersecurity experts, began assessing the scope and damage of the attack.
The company’s quick response allowed it to isolate the affected servers from both the internet and the internal network, preventing further spread of the ransomware. However, despite these efforts, the cyberattack on Yorozu led to the encryption of critical data, severely impacting the company’s ability to carry out regular business functions, including financial reporting.
Potential Data Breach at Yorozu
As the investigation into the Yorozu cyberattack progressed, it was revealed that there was a possibility of a data breach involving the leak of both personal and confidential information. In a follow-up notice on October 23, 2024, the company confirmed that some of its sensitive data may have been exposed during the ransomware attack. This data potentially included personal information held by the company, though the full extent of the breach has yet to be confirmed.
Yorozu Corporation expressed its sincere apologies for the inconvenience this breach may have caused and assured its stakeholders that it was working diligently with external experts to investigate the matter further. The company also reported that it had notified Japan’s Personal Information Protection Commission, as required by law, and was continuing its investigation into the leak with the support of third-party advisors.
This confirmation of a possible data breach at Yorozu highlights the serious risks associated with cyberattacks and the growing concerns about data security in an increasingly digital business landscape. The company’s proactive steps in reporting the breach and isolating the affected systems are part of an effort to mitigate the damage and protect both customer and corporate information.
Financial Impact and Report Delays
The cyberattack on Yorozu Corporation has caused significant disruptions to the company’s ability to meet its regulatory obligations. The semi-annual securities report for the fiscal year ending March 31, 2025, which was originally due on November 14, 2024, will now be submitted by the new deadline of January 17, 2025. This extension was granted in accordance with Article 18-2 of the Cabinet Office Order on Disclosure of Corporate Affairs, which allows for such delays under specific circumstances, including unforeseen cybersecurity incidents.
The delay in the submission of the semi-annual report is expected to affect the company’s shareholders, investors, and other interested parties who rely on the timely publication of financial data. However, the company has emphasized that it is making every effort to expedite the completion of its financial audits and the finalization of the report.
Moving Forward: Recovery and Resilience
Yorozu Corporation has made it clear that it is committed to addressing the consequences of the cyberattack and ensuring that such incidents do not hinder its operations in the future. In its official statements, the company has thanked its business partners, customers, and shareholders for their understanding and patience during this challenging time.
As of now, the company continues to work closely with cybersecurity experts to assess the full impact of the ransomware attack and to bolster its defenses against future threats. While the exact scale of the data breach at Yorozu is still under investigation, the company has promised to keep stakeholders updated as new information becomes available.