VF Corp Loses 35.5M Personal Data In Cyberattack, CEO Says No Payment Info Compromised
Portfolio Pulse from Lekha Gupta
VF Corp (NYSE:VFC) experienced a cyberattack resulting in the theft of personal data of approximately 35.5 million consumers. The company confirmed that no social security numbers, bank account, or payment card information was compromised. VF Corp has largely restored its IT systems since the initial report on Dec. 13, 2023, and continues to address minor operational impacts. Retail stores, e-commerce sites, and distribution centers are operating with minimal issues. VF Corp's stock (VFC) saw a slight increase of 0.75% to $15.44.
January 19, 2024 | 5:39 pm
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NEUTRAL IMPACT
VF Corp reported a cyberattack with 35.5M consumer data stolen but confirmed no payment info was compromised. IT systems are mostly restored, and operations continue with minimal issues.
The cyberattack on VF Corp is significant due to the large amount of personal data stolen. However, the lack of payment information being compromised and the swift recovery of IT systems suggest a limited financial impact. The slight stock price increase indicates a neutral to mildly positive market reaction in the short term, reflecting investor confidence in the company's handling of the incident.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100