SECURITIES AND EXCHANGE COMMISSION
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|Item 8.01||Other Events.|
On May 31, 2023, Progress Software Corporation (the “Vendor”), a vendor to Garrett Motion, Inc. (“we” or the “Company”), disclosed a previously unknown vulnerability in the Vendor’s MOVEit file transfer software (“MOVEit”) that could enable malicious actors to gain unauthorized access to sensitive files and information. MOVEit is used by thousands of organizations for secure data file transfers and is now the subject of a widely reported cybersecurity event impacting numerous organizations and governmental agencies around the world (the “Vendor Incident”). The Company uses MOVEit for certain secure file transfers supporting its business.
Once the Vendor communicated the vulnerability and provided a patch to all its customers, including Garrett, the Company implemented it immediately. On July 28, 2023, however, the Company became aware that as a result of the Vendor Incident and prior to the Vendor providing a patch, an unauthorized party had gained access to certain data of the Company, as well as certain of its employees and customers. The Company immediately launched an investigation in partnership with third-party cybersecurity experts and notified law enforcement. There has been no interruption to the Company’s systems, services or business operations.
As the result of the Company’s investigations to date, the Company currently believes that the Vendor Incident will have no material adverse effect on its business, operations or financial results. The Company continues to work diligently to investigate the Vendor Incident and its impact on the Company, its business, operations and financial results, including to assess the data that may have been affected. The Company is complying with its legal obligations regarding the incident, including making any appropriate and legally required notifications to employees and customers.
Certain statements in this Current Report on Form 8-K are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are any statements that refer to the Company’s estimated or anticipated results, other non-historical facts or future events and include, but are not limited to, statements regarding the actual or potential impacts of the MOVEit vulnerability and the Vendor Incident on the Company’s business, operations or financial results. These forward-looking statements speak only as of the date hereof and are subject to business and economic risks. As such, our actual results could differ materially from those set forth in the forward-looking statements as a result of the factors discussed in our filings with the Securities and Exchange Commission, including but not limited to those discussed in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We do not undertake any obligation to update or revise the forward-looking statements or any other information in this Current Report on Form 8-K, except to the extent required by law.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|GARRETT MOTION INC.|
Date: August 2, 2023
|By:||/s/ Jerome P. Maironi|
Jerome P. Maironi
Senior Vice President, General Counsel and Corporate Secretary