VALLEY COTTAGE, NY – CreditRiskMonitor.com, Inc. (OTCQX:CRMZ) has reported a cybersecurity incident that occurred between July 8, 2024, and July 17, 2024, according to a recent 8-K filing with the Securities and Exchange Commission. The company detected unauthorized access within its network on July 19, 2024, and took immediate action to contain and assess the situation with the help of third-party cybersecurity experts.
The investigation, which was promptly reported to law enforcement, revealed that certain files within CRMZ’s computer environment may have been viewed or copied. These files contained personally identifiable information of employees and independent contractors, not customers.
While there is no evidence of misuse of the information, CreditRiskMonitor issued notices to the affected individuals today and is offering complimentary credit monitoring and identity theft protection services for twenty-four months.
Despite the security breach, CRMZ has stated that the incident has not materially impacted its operations, with information systems remaining fully operational. The company has not yet concluded that the breach will have a material effect on its financial condition or ongoing results of operations. However, they acknowledge the situation is evolving and will continue to monitor its potential financial implications.
This information is based on a press release statement and the company has cautioned readers not to place undue reliance on forward-looking statements, as actual results may differ. The CEO, Michael I. Flum, has signed off on the 8-K filing, reiterating the company's commitment to addressing the incident and maintaining operational integrity.
InvestingPro Insights
In light of the recent cybersecurity incident at CreditRiskMonitor.com, Inc. (OTCQX:CRMZ), investors may be interested in additional financial insights. According to InvestingPro data, CRMZ has a market capitalization of $23.59 million and a P/E ratio of 20.1, indicating that the market still values the company's earnings potential despite the recent security breach.
InvestingPro Tips reveal that CRMZ's liquid assets exceed its short-term obligations, which could provide a financial buffer as the company navigates the aftermath of the cybersecurity incident. Moreover, the company has been profitable over the last twelve months, suggesting a level of financial stability that may help in addressing any potential costs associated with the breach.
It is worth noting that CRMZ does not pay a dividend to shareholders, which may allow the company to retain more capital for cybersecurity improvements and other operational needs. For investors seeking more comprehensive analysis, InvestingPro offers 11 additional tips for CRMZ, providing a deeper understanding of the company's financial position and prospects.
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