VF Corporation Hit by Major Cyberattack Ahead of Christmas
VF Corporation, a global leader in apparel and footwear, has disclosed a significant cybersecurity incident. On December 13, unauthorized activity was detected in VF's IT systems, leading to encryption of certain systems by an unidentified threat actor. The attack, which occurred just a week before Christmas, has caused operational disruptions and impacted the company's ability to fulfill orders via its e-commerce platforms worldwide.
VF's physical stores remain open, but the company is grappling with certain operational challenges due to the incident. The attack has resulted in stolen data, including personal information, according to VF's filing with the Securities and Exchange Commission (SEC). The incident is ongoing, and VF is working diligently to restore affected IT systems and implement workarounds for offline operations.
VF has engaged external cybersecurity experts to help respond to and mitigate the impact of the attack. However, the specific firms assisting VF have not been explicitly identified. The timing of VF's disclosure, filed as an 8-K with the SEC, may be attributed to the commission's cybersecurity disclosure rules, which encourage prompt reporting of material incidents.
VF, which is currently undergoing a transformation program to strengthen its brand building, execution, and sales in North America, has not yet determined if the cybersecurity incident will have a material impact on its financial condition or operational results. The company will continue to provide updates as the situation evolves.
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