VF Corp, the owner of the famous brands The North Face and Vans, faced a serious hacker attack

19 December 2023 2 minutes Author: Newsman

VF Corp, which owns The North Face and Vans brands, was hit by a hacker attack

The company said on Monday it was unable to fulfill some orders ahead of the holiday season due to a hacking attack, sending its stock price tumbling. The company said hackers had encrypted “some” systems and stolen personal data. This is one of the signs of ransomware, in which criminals try to demand large sums of money from companies; VF declined to comment on whether the incident was a ransomware attack. On Monday, the share price fell by more than 7%.

The company said on Monday it was unable to fulfill some orders ahead of the holiday season due to a hacking attack, sending its stock price tumbling. The company said hackers had encrypted “some” systems and stolen personal data. This is one of the signs of ransomware, in which criminals try to demand large sums of money from companies; VF declined to comment on whether the incident was a ransomware attack. On Monday, the share price fell by more than 7%.

The SEC’s new rules aim to give investors a clearer picture of how an attack could hurt a company. When Caesars Entertainment’s casino was hacked, the company quietly paid a $15 million ransom; MGM Resorts suffered a similar attack after being told that Caesars had been attacked. Under the new disclosure requirements, Caesars had to report the hack and payout earlier. Regulators and law enforcement agencies have been adamant about preventing companies from paying ransoms.

VF Corp. is the latest major company to be hit by a cyberattack. In addition to Caesars, Clorox was hit by a breach that prevented the company from keeping its products on store shelves earlier this year.

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