A group identifying themselves as RansomedVC has emerged on the dark web, claiming to possess access to an Australian women’s fashion store with significant holdings in the retail market.
The alleged cyberattack on Australian fashion store includes access to critical servers, FTP/RDP, S3 buckets, and over 500GB of sensitive data, encompassing contact information, SQL databases, and more.
This store, with a staggering 156 physical outlets scattered across the country, commands a formidable revenue stream, boasting an impressive US$110 million in earnings.
Implication of Cyberattack on Australian Fashion Store
The combination of extensive physical presence and strong financial performance highlights the attractiveness of this retail gem to cybercriminals seeking to exploit vulnerabilities for illicit gains.
The price tag for this illicit access stands at US$5000, highlighting the alarming accessibility of cybercrime tools in today’s digital landscape.
Adding to the concern is the hacker’s decision to keep the company’s identity secret, leaving everyone uncertain and worried. Plus, the fact that the store has 156 outlets all over the country and makes $110 million tells us that if this breach is real, it could cause big problems not just for the store, but for all retail.
It means lots of customer data could be at risk, which might lead to people losing trust in shopping there. It could also make other stores worried about their own security, making them spend more money to protect themselves from similar attacks.
Is RansomedVC Re-emerged?
RansomedVC, a relatively new entrant in the ransomware scene, operated under a ransomware-as-a-service model, targeting over 40 organizations primarily in Europe, including recent attacks on Sony and the District of Columbia Board of Elections.
Despite announcing the cessation of operations on October 30, their dark web forum remained active in November 2023, offering various assets for sale.
Although reports suggested that six associated individuals may have been arrested, the shutdown was unlikely to have a significant impact on the ransomware landscape, as affiliates were expected to shift to other RaaS operations. It’s uncertain whether this group is the same one that targeted the Australian fashion brands.
This cyberattack on Australian fashion store comes at a time when cybersecurity threats against retail establishments are on the rise globally. Recent IBM reports indicate a surge in cyberattacks against renowned fashion brands, highlighting the vulnerability of the industry to malicious actors.
Previous Major Cyberattacks on Fashion Industry
Just as we entered the new year, VF Corp, the parent company of esteemed fashion labels like Vans, Supreme, and The North Face, fell victim to a cyberattack, resulting in the compromise of personal data belonging to approximately 35.5 million customers.
While the specifics of the stolen data remain undisclosed, the incident highlights the pervasive threat posed by cybercriminals to even the most prominent players in the retail sector.
Similarly in 2023, UK-based retailer JD Sports disclosed a breach affecting 10 million customers, exposing personal and financial data associated with online orders made over a two-year period. With over 3,400 stores worldwide, JD Sports’ ordeal serves as a stark reminder of the vulnerabilities inherent in retail operations, both online and offline.
Furthermore, in the same year, the Chinese fast fashion giant SHEIN faced scrutiny after reports surfaced regarding its Android application’s intrusive behavior. Microsoft researchers discovered that the SHEIN app accessed and transmitted clipboard data from users’ devices to remote servers, raising concerns about privacy and data security.
These cyberattacks on fashion industry indicate the urgent need for retail organizations to prioritize cybersecurity measures in an increasingly digitized landscape.
With the average cost of a data breach in the retail sector exceeding US$3 million, the financial and reputational stakes are higher than ever before. Moreover, the prevalence of cyberattacks targeting sensitive customer information necessitates a concerted effort to fortify defenses and mitigate potential risks.
As retail organizations grapple with evolving cyber threats, industry-wide collaboration, investment in enhanced cybersecurity infrastructure, and proactive risk management strategies are imperative to safeguarding consumer trust and preserving the integrity of the retail ecosystem.
Failure to address these pressing concerns could have dire consequences for retailers and consumers alike, highlighting the urgent need for decisive action in the face of escalating cyber threats.
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