VF Corp. Faces Cyberattack Setback in Holiday Order Fulfillment
Shares of VF Corp., the owner of brands like The North Face and Vans, dropped over 7% after the company disclosed a cyberattack that has impacted its ability to fulfill orders ahead of the holiday season. The attack, which involved hackers encrypting some systems and stealing personal data, is suspected to be a ransomware incident. VF Corp. has not confirmed whether a ransom was demanded. The breach is expected to have a material impact on the company's operations until recovery efforts are complete. The incident was reported on the same day that new SEC cyber disclosure rules came into effect, requiring companies to report "material cybersecurity incidents" within four days of determining their impact on financials.