Ace holed: Hardware store empire felled by cyberattack

Ace holed: Hardware store empire felled by cyberattack

October 31, 2023 at 01:48PM

Ace Hardware, the world’s largest retailer-owned hardware cooperative, has experienced a cyberattack affecting its IT systems. CEO John Venhuizen confirmed that key operating systems have been interrupted or suspended. Ace Hardware has not provided further information about the attack but has called in digital forensic experts to help restore systems. The company’s website is unable to process orders, and deliveries are not being made. The impact on employee payments and the type of attack are still unclear. Ace Hardware reported a decrease in revenues for Q1 2023.

Meeting Takeaways:
– Ace Hardware has experienced a cyberattack that has impacted its IT systems, leading to the suspension of various key operating systems and services, including ACENET, Warehouse Management Systems, the Ace Retailer Mobile Assistant (ARMA), Hot Sheets, Invoices, Ace Rewards, and the Care Center’s phone system.
– The cyberattack has resulted in disruptions, including employees being sent home and concerns about timely payments.
– Ace Hardware has not provided specific details about the type of attack, but it is actively working on restoring systems and operations and has enlisted the help of digital forensic experts.
– Ace Hardware stores remain open, with no known impact on in-store payment systems or credit card processing.
– The company’s recent financial performance has shown a decrease in revenues, with $2.1 billion for the first quarter of 2023, a decrease of 5.8% compared to the previous year.
– Ace Hardware is recognized as the world’s largest retailer-owned hardware cooperative, with over 5,000 stores worldwide.
– The company was ranked the 6th most trusted retailer in the US according to Newsweek’s Most Trusted Companies in America.

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