December 18, 2023 at 02:47PM
VF Corp experienced a cyber intrusion, disrupting operations and order fulfillment for its major brands, including The North Face and Vans. While stores remain open and orders are accepted, fulfillment is impacted. The incident, possibly ransomware, prompted immediate containment and remediation efforts. Similar cyberattacks affected Clorox and MGM Resorts, resulting in significant financial losses.
Key takeaways from the meeting notes are as follows:
1. VF Corp experienced a significant IT system intrusion on December 13, leading to operational disruptions and impacting its ability to fulfill orders for its major brands. While retail stores remain open, the company is currently dealing with the aftermath of the cyber incident.
2. Although not explicitly named as ransomware, the description of the intrusion suggests that it may involve elements of ransomware and extortion.
3. After discovering the incident, VF Corp took immediate steps to contain and remediate the situation, including engaging an external cybersecurity firm to conduct an investigation. The company is also cooperating with federal law enforcement in response to the breach.
4. The financial impact of the cyber incident is yet to be fully determined, and it’s noted that the breach will likely have a material impact on VF Corp’s business operations.
5. The meeting notes also highlighted other multinational corporations, such as the Clorox Company and Las Vegas hotel and casino operators, that have been affected by cyber incidents, indicating a broader trend of cyber threats impacting various industries.
Please let me know if you need further details or analysis on any specific aspect of the meeting notes.