I had a cateye cyclocomputer and the same thing happened. It was a break in the connection between the sensor and the cradle. Mine was relatively inexpensive, and I wound up replacing it with another brand. It only had 20 miles on it.
Odds are the wire on the harness has failed. Depending on how tight the zip ties are they can cut the wires or if they are to close to the computer mount they'll pull right out the bottom. Really the only way to get a wired system operating again is to replace the wire harness and mount. The nice thing about Cateye is they are inexpensive to repair and the parts are easy to get a hold of.
Fitness Minutes: (66,240) Posts: 9,652 6/12/11 8:26 A
My DH's is acting up, too. He found a place where a wire was rubbing the case and put some electrical tape on it. It helped for a while, but yesterday it was acting up again. His is 3 years old, perhaps there is a lifespan on them.
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