Downtime Caused by Cyberattack Final Straw for German Bicycle Manufacturer

On November 25, 2022, Prophete was the victim of a cyber attack. As a result, the attack meant that no production, invoicing or deliveries could take place for around three weeks.

The company stated there were "considerable problems in procurement, which in turn had an impact on sales and turnover. The warehouses are unusually full because the purchasing department has served the target figures. However, due to disrupted supply chains, required parts would not arrive and bicycles could not be fully assembled and delivered."

The company had planned sales of EUR 210 million, but only achieved EUR 159 million. In June last year there was a financing round with shareholders and lenders from Prophete. However, the willingness to inject more money ended with the break-in of cyber criminals.

Estimated Cost

Operational shutdown 3-4 weeks ended with bankruptcy filing

Threat Source

Impacts

OT IT