VF Corp., the parent company of popular brands such as Vans and The North Face, recently disclosed a cyberattack that has significantly impacted its ability to fulfill online orders during the crucial holiday-shopping period.
In a regulatory filing, the Denver, Colo., based company revealed that the hack has had a substantial effect on its business operations. Although customers can still place orders through their online platform, the cyberattack has created obstacles in VF’s capacity to fulfill these orders in a timely manner.
The hackers responsible for the attack have employed encryption techniques to compromise some of VF’s IT systems and have also illicitly obtained certain private data from the company. In response, VF has taken measures to shut down specific systems. Additionally, the company is working towards minimizing disruptions by temporarily shifting certain operations offline while actively restoring the affected parts of their IT infrastructure.
To thoroughly address the incident, VF is collaborating with cybersecurity experts who are conducting a comprehensive investigation.
As a result of the cyberattack, VF’s stock experienced a decline of approximately 4%, settling at $19.13 during premarket trading.
