December 18, 2023 at 11:09AM
VF Corporation, a major apparel and footwear company, has suffered a ransomware attack resulting in the theft of sensitive corporate and personal data. Hackers disrupted business operations, affecting its ability to fulfill ecommerce orders and hijacked company and personal data. Retail stores remain open but are experiencing operational disruptions. The full impact of the incident is yet to be determined.
From the meeting notes, I have gathered that VF Corporation (NYSE: VFC) has been hit by a ransomware attack resulting in the theft of sensitive corporate and personal data. The hackers disrupted business operations, including the company’s ability to fulfill ecommerce orders, and hijacked personal data. The company did not provide additional details on the stolen data or whether third-party customer data was exposed. VF Corp is working to bring impacted portions of its IT systems back online and implementing workarounds for offline operations, aiming to minimize disruption to serve its retail and brand e-commerce consumers and wholesale customers. Retail stores remain open, but certain operational disruptions are being experienced. Although consumers can still place orders on most brand e-commerce sites globally, the company’s ability to fulfill orders is currently impacted. It is noted that the full scope, nature, and impact of the incident are not yet known and recovery efforts are expected to continue having a material impact on business operations. VF Corporation, a global company with revenue of over $11.6 billion, has roughly 35,000 employees and 1,265 owned retail stores. The company’s shares are trading down nearly 9% at the time of publishing. This incident occurs as the SEC’s new cyber incident disclosure requirements come into effect.