Tower Semiconductor Provides an Update on a Cyber Event

Rhea-AI Summary

Tower Semiconductor (NASDAQ/TASE: TSEM) reported a cyber incident affecting its IT security systems on September 6, 2020. As a precautionary measure, the company halted operations in some manufacturing facilities and servers in a controlled manner. Tower is collaborating with law enforcement and cybersecurity experts to address the situation and has notified relevant authorities. Currently, the actual impact on business operations remains unclear, but the company is implementing strategies to contain the incident and prevent further issues.

Positive

• Proactive response to the cyber incident to mitigate risks.
• Collaboration with law enforcement and cybersecurity experts for recovery.

Negative

• Operations halted in certain manufacturing facilities, affecting production capacity.
• Uncertainty regarding the actual impact of the security incident on business operations.

 

NEWS ANNOUNCEMENT                                                                                                                               FOR IMMEDIATE RELEASE

MIGDAL HAEMEK, Israel – September 06, 2020 – Tower Semiconductor (NASDAQ/TASE: TSEM), today announced that 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.

About Tower Semiconductor
Tower Semiconductor Ltd. (NASDAQ: TSEM, TASE: TSEM), the leader in high-value analog semiconductor foundry solutions, provides technology and manufacturing platforms for integrated circuits (ICs) in growing markets such as consumer, industrial, automotive, mobile, infrastructure, medical and aerospace and defense. Tower Semiconductor focuses on creating a positive and sustainable impact on the world through long term partnerships and its advanced and innovative analog technology offering, comprised of a broad range of customizable process platforms such as SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, non-imaging sensors, integrated power management (BCD and 700V), and MEMS. Tower Semiconductor also provides world-class design enablement for a quick and accurate design cycle as well as Transfer Optimization and development Process Services (TOPS) to IDMs and fabless companies. To provide multi-fab sourcing and extended capacity for its customers, Tower Semiconductor operates two manufacturing facilities in Israel (150mm and 200mm), two in the U.S. (200mm), and three facilities in Japan (two 200mm and one 300mm) through TPSCo. For more information, please visit: www.towersemi.com

Tower Semiconductor Company Contact: Orit Shahar | +972-74-7377440 | oritsha@towersemi.com
Tower Semiconductor Investor Relations Contact: Noit Levy | +972-4-604-7066 | noitle@towersemi.com

FAQ

What is the recent cyber incident involving Tower Semiconductor (TSEM)?

Tower Semiconductor reported a cyber incident on September 6, 2020, which led to the halting of operations in some manufacturing facilities.

How is Tower Semiconductor addressing the cyber incident?

The company is working closely with law enforcement and cybersecurity experts to recover impacted systems and prevent further issues.

What impact has the cyber incident had on Tower Semiconductor's operations?

The actual impact on operations remains unclear, but some manufacturing facilities were temporarily halted as a precaution.