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Business of Fashion
5 hours ago
- Business
- Business of Fashion
Explainer: How Retailers Can Fight a New Wave of Cyberattacks
Last week, Victoria's Secret went dark. On May 28, the lingerie giant shut down its website following a 'security incident,' the company said in a statement. (It did not confirm what caused the disruption). While the site was only down for two days, it likely cost Victoria's Secret millions in sales, adding another hurdle to its ongoing turnaround plan under new leader Hillary Super. The company's stock dropped as much as 8 percent the day it closed its site. It was just the latest technological dustup in a wave of cyberattacks on some of fashion's biggest brands and retailers. Bloomberg reported that in January hackers accessed some of Dior's customer data, then in April, UK-based high street retailer Marks & Spencer was forced to stop taking online orders after a security breach and in May, Harrods briefly restricted website access after hackers attempted to break into its systems. For years, the threat of security breaches — where individuals and organisations hack systems to access customer data such as contact information and credit card details — have haunted companies across industries, from Target to MGM Resorts. The frequency of these attacks is only growing: In 2024, the number of individuals and groups targeting companies' systems that cybersecurity consultancy S-RM engaged with across 600 incidents grew 96 percent year over year. These attacks can be extremely detrimental to a company's bottom line: Marks & Spencer still hasn't reopened its e-commerce operations, and doesn't expect to do so until July. The incident will likely end up costing the company as much as £300 million ($404 million) in lost profits. But the impact can be even further-reaching. Many cyber criminals require companies to pay multi-million dollar ransoms to regain access to their networks and even once the attack is over, retailers must work to avoid sustaining lasting reputational damage. The recent uptick in activity puts an extra burden on retailers to tighten existing cybersecurity processes or invest in additional tools that could chip away at profits. 'From a business perspective, it's nothing if not unfair [to the companies impacted by it],' said Simeon Siegel, managing director and senior analyst of retail and e-commerce at BMO Capital Markets. In the event of a cyber attack, companies have 'to balance short term fixes, while ensuring they don't have [long-term] implications,' he added. BoF breaks down what leaves fashion businesses vulnerable to cyberattacks and how they can protect themselves. How does this happen? Cyberattacks are typically orchestrated by groups that find and exploit a company's technological shortcomings. The culprit can often be difficult to trace, because even when law enforcement tracks them down, individuals can splinter into other smaller organisations. Criminals can also act individually by finding hacking tools on the dark web, said Christian Beckner, vice president of retail technology and cybersecurity at NRF. The tactics range in their level of sophistication. One of the common ways hackers infiltrate a company's systems is through 'phishing' — the dreaded emails where, posing as a company executive, they encourage employees to click a link that, if opened, can give them access to an organisation's entire data network. They can also use employee voice impersonation tools to target a company's customer service call centres, Beckner said. 'If one employee accidentally clicks a link in an email, it may not matter how protected and up-to-date your technology is,' Siegel said. 'Human error can supersede the most advanced technology.' Cyberattackers will target any industry with high transaction volumes, making fashion an appealing target. Plus, because most retail giants operate their e-commerce storefronts on years-old custom platforms that are likely outdated, they are particularly vulnerable, said Juan Pellerano-Rendón, chief marketing officer at e-commerce software start-up Swap. 'A lot of times these larger conglomerates have IT teams, and they're updating their website regularly, but security might not always be at the top of their list,' Pellerano-Rendón added. Retailers that operate with thin margins have historically been slower to invest in cybersecurity over tools like a website redesign that can immediately drive revenue, said Sam Rubin, senior vice president of consulting and threat intelligence for Unit 42 at cybersecurity firm Palo Alto Networks. 'You could spend several million dollars on cybersecurity and feel safer and be safer, but what's going to show up on your P&L is greater operating expenses without a necessarily highly visible tangible benefit,' Rubin said. 'Sometimes that does get neglected in favor of driving top line growth in business.' How should retailers respond? When a company is hacked, they often have no choice but to shut down services until they can find the culprit and boot them out of their network. Preventing an initial cyberattack can be a near impossible task as cyber criminals' tools become more advanced and accessible. Many retailers have increased cybersecurity measures in recent years, specifically around payment processing, Beckner said. Customers' financial information wasn't compromised in many of the recent attacks, which is the scariest violation for many customers and therefore a natural priority for companies to prevent. To lower the risk of repeat offenses, retailers have to 'assess where there might be existing vulnerabilities in your IT systems and services, and patch and upgrade those where they existed,' Beckner added, including adding multi-step authentications for company log-ins and conducting additional training for employees across the organisation. The latest run of cybersecurity hiccups could also push major retailers to make big personnel changes such as hiring heads of security (if they don't have them already), according to Pellerano-Rendón. They might also consider using more e-commerce services from software giants like Shopify that routinely update their software, making it more difficult to infiltrate, he added. Companies can institute drills where they work with third party firms to simulate an attack to better assess the strength of their existing systems and what additional processes they need to implement, said Steve Ross, director of cybersecurity, Americas at S-RM. In the aftermath of an attack, retailers also must do damage control in order to make sure their customers feel safe buying from them again. Shoppers today are aware that technology violations occur and are outside of a company's control, 'and not necessarily that Victoria's Secret or Marks & Spencer has betrayed their trust in any way,' Pellerano-Rendón said. Still, retailers need to tell customers whose personal information may have been compromised exactly which steps they've taken to protect their data down the line. 'It really comes down to making sure you're communicating … and having that plan in place to quickly bounce back,' Beckner said.
American Military News
3 days ago
- Business
- American Military News
Victoria's Secret website down for third day amid mysterious ‘security incident'
Victoria's Secret & Co. kept mum on Wednesday as a prolonged 'security incident' kept its website dark for a third straight day, flummoxing customers and investors alike and pushing the stock price down 7%. The retailer also ceased some office operations and told employees to steer clear of company technology as some email passwords stopped working, Bloomberg reported. 'Recovery is going to take awhile,' CEO Hillary Super cryptically told staff in a memo obtained by Bloomberg. Details of the outage remained, well, secret. For website visitors, the retailer supplied no explanation beyond a few sentences appearing on a blank pink screen, telling customers that the company had 'taken down our website and some in-store services as a precaution' to address the incident. The store's app was also affected, and while the company's social media pages were still intact, the most recent posts were from Monday or earlier. Customers first noticed the outage on Monday or a bit earlier, according to social media posts and Bloomberg. Victoria's Secret told the Daily News in an emailed statement that it 'immediately enacted our response protocols' and that 'third-party experts are engaged,' promising they're 'working to quickly and securely restore operations.' 'We continue to serve customers in our Victoria's Secret and PINK stores,' the company confirmed. The outage came about a week after Victoria's Secret announced on May 20 that it had enacted a 'poison pill' measure, a limited-duration shareholder rights plan, to ward off a potential hostile takeover attempt by an Australian investor. ___ © 2025 New York Daily News. Distributed by Tribune Content Agency, LLC.
Entrepreneur
4 days ago
- Business
- Entrepreneur
Is Victoria's Secret Down? Security Incident Closes Website
The retailer's website is completely dark (well, more like a shade of pink) with online operations in the U.S. shuttered. Victoria's Secret is still completely offline on Thursday, with the website showing only a shade of pink with a text statement. "Valued customer, we identified and are taking steps to address a security incident," the copy reads. "We have taken down our website and some [in-store] services as a precaution. Our team is working around the clock to fully restore operations." Related: Instagram's CEO Says He 'Experienced a Sophisticated Phishing Attack' This Week On Wednesday, Victoria's Secret confirmed that a breach had occurred but did not disclose more information. CNN notes that it is rare for a company of this size to have its website go fully down. The "security incident" also reportedly affected internal operations. Bloomberg reports that some employees were locked out of their emails. Screenshot of Victoria's Secret website at press time According to a note seen by Bloomberg, Victoria's Secret CEO Hillary Super told employees: "Recovery is going to take a while." The company notes on its website that its stores are still open, despite the interruptions. "We appreciate your patience during this process," the statement continues. "In the meantime, our Victoria's Secret and PINK stores remain open, and we look forward to serving you." This is a breaking news story and will be updated.
Yahoo
20-05-2025
- Business
- Yahoo
Victoria Secret Adopts Poison Pill to Keep Brett Blundy's BBRC at Bay
Victoria Secret & Co. has an admirer who might be getting a little too close for comfort. The lingerie company adopted a shareholder rights plan — commonly described as a poison pill — to 'protect the best interests' of all shareholders after Australian entrepreneur Brett Blundy's BBRC International amassed a 13 percent stake in the business. More from WWD Victoria's Secret Names 3 Brand Presidents to Carry Out CEO Hillary Super's Vision The Victoria's Secret Fashion Show Caused a Valentine's Day Stumble Victoria's Secret Projects $10M to $20M Hit to Operating Income From China Tariffs in 2025 The poison pill is designed to prevent any investor from taking over the company on the open market without paying a 'control premium' that is typically seen in acquisitions. The plan lasts for one year and will allow shareholders to buy additional stock at half price if any party acquires 15 percent of Victoria's Secret stock. BBRC has been an investor in Victoria's Secret for a few years, but switched to a more active stance in February 2024 and, over the past three months, has been ramping up its stake. Victoria's Secret claims that BBRC bought shares of the company 'in violation of U.S. antitrust law for nearly three years by failing to file forms required under the Hart-Scott-Rodino Act and observe the regulatory waiting period.' Now, BBRC has made 'corrective filings' and the company said it could theoretically acquire up to 49.99 percent of its stock once the waiting period has expired. That is expected to happen at the end of the day on Wednesday. Shares of the company got a little boost from the interest signaled by the poison pill and gained 3.2 percent to $23.51 in premarket trading on Tuesday. Donna James, chair of Victoria's Secret, said: 'The company has engaged in open and constructive dialogue with Mr. Blundy and other representatives of BBRC over the past three years and appreciates BBRC's investment in the company. 'Our board and management team remain focused on effectively managing near-term headwinds in the macro environment, while pursuing a focused strategy to unlock the full potential of our brands and business under our new CEO Hillary Super,' James said. The company also noted that BBRC has a 'a track record of acquiring controlling interests in retail companies' and recently launched a new global lingerie, sleepwear and beauty business. BBRC did not immediately respond to a request for comment, but its website touts its 40-plus year track record as a private investment firm that 'makes fast and confidential decisions, with Brett Blundy acting as a partner, investment committee, and decision-maker all in one.' 'At BBRC we have no team of consultants or MBAs,' the website said. 'We are incredibly lean, and prefer to work directly with our partners, not through intermediaries or outside experts. Business is hard, it is best to partner with someone who understands that.' BBRC's current investments include Australian fashion brand Dissh, jewelry company Lovisa, family-focused brand Best & Less and workout studio Hot 8 Yoga. Best of WWD Harvey Nichols Sees Sales Dip, Losses Widen in Year Marred by Closures Nike Logs $1.3 Billion Profit, But Supply Chain Issues Persist Zegna Shares Start Trading on New York Stock Exchange Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Toronto Sun
20-05-2025
- Business
- Toronto Sun
Victoria's Secret adopts poison pill to thwart investor
BBRC has ia history of acquiring controlling interests in retailers Published May 20, 2025 • Last updated 0 minutes ago • 1 minute read A shopper with a Victoria's Secret bag. Photo by Yuki Iwamura / Bloomberg Victoria's Secret & Co. announced a shareholder rights plan after an investor began acquiring a substantial amount of stock in the lingerie retailer. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account BBRC International Pte Limited, an entity controlled by Brett Blundy, has increased its position to about 13% of outstanding shares and has a history of acquiring controlling interests in retailers, Victoria's Secret said in a statement. The plan, which is often called a poison pill, will issue one right for each share at the close of business on May 29 and be triggered if an investor acquires 15% of outstanding common stock. It wasn't adopted in response to a proposal to acquire control of the company, Victoria's Secret said. The company's shares rose less than 1% at 9:33 a.m. in New York time. The stock had fallen 45% this year through Monday's close. BBRC didn't immediately respond to a request for comment. The retailer tapped Hillary Super as chief executive officer in August to turn around a company that has struggled to grow sales in recent years amid competition from upstarts like Skims. She's already revamped management, but her task has been made harder by US tariffs on imports from Asia. This advertisement has not loaded yet, but your article continues below. Victoria's Secret said BBRC recently launched a business described as a global lingerie, sleepwear and beauty brand and that it has a history of acquiring controlling interests in retailers. BBRC, based in Singapore, said in a February filing that it owned about 10% of the outstanding stock and had communicated with members of Victoria's Secret board on how to boost shareholder value, including changes to the board. Its ownership then rose to about 13%, according to a filing in early April. Victoria's Secret said it has communicated with BBRC over the past three years. The board adopted the rights plan to 'protect the long-term interests of all Victoria's Secret shareholders and guard against tactics to gain control of the company without paying all shareholders an appropriate premium for that control,' Donna James, chair of the retailer's board, said in the statement.
