VF Corp, the owner of brands like Vans and The North Face, saw its shares tumble over 7% after announcing it suffered a cyberattack. The company said the cyberattack encrypted some of its systems and hackers stole personal data, indicating it was likely a ransomware attack although the company did not confirm. The attack is expected to have a material effect on VF Corp's business according to its SEC filing, as it gears up for the busy holiday season. Fulfilling orders may be hampered.
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00:00 It's Benzinga and here's what's on the block.
00:02 VF Corp, the owner of brands like Vans and The North Face,
00:06 saw its shares tumble over 7% after announcing it suffered a cyber attack.
00:10 The company said the cyber attack encrypted some of its systems and hackers stole personal data,
00:16 indicating it was likely a ransomware attack, although the company did not confirm.
00:21 The attack is expected to have a material effect on VF Corp's businesses,
00:25 according to its SEC filing, as it gears up for the busy holiday season.
00:30 Fulfilling orders may be hampered. It's one of the first major companies to report a cyber attack
00:35 under the SEC's new rules mandating material cyber incidents be reported within four days
00:41 of being identified. The full impact is still unknown and recovery efforts are ongoing,
00:46 but it will continue affecting operations until complete.
00:49 For all things money, visit Benzinga.com