Ransomware attack cost IKEA operator in Eastern Europe $23 million

Fourlis Group, the operator of IKEA stores in Greece, Cyprus, Romania, and Bulgaria, has informed that the ransomware attack it suffered just before Black Friday on November 27, 2024, caused losses estimated to €20 million ($22.8 million).

The security incident became public on December 3, 2024, when the group admitted that the technical problems IKEA online shops were facing were due to “malicious external action.”

Although the company also operates Intersport, Foot Locker, and Holland & Barrett shops in the said countries, the impact of the attack affected mainly IKEA business operations.

“The incident caused temporary disruptions in a store replenishment, primarily impacting the Home Furnishings segment (IKEA stores) and e-commerce operations during December 2024 through February 2025,” reads a press release published earlier this week.

In a statement to local media, the Fourlis Group CEO, Dimitris Valachis, clarified that the impact the security incident had on IKEA sales operations is estimated to €15 million until December 2024, and another €5 million into 2025.

Valachis also noted that the group did not pay the ransomware actors, and restored the affected systems with the help of external cybersecurity experts.

Also, the company stated that it successfully thwarted several subsequent attacks that followed the first breach.

The investigation that followed revealed no evidence of data theft or leaks linked to the incident, although data protection authorities in the four countries were notified as required by law.

“The temporary unavailability of some data affected by the incident was restored almost immediately, while the technical report (forensic) did not prove the leakage of personal data.” reads the press release.

Although several months have passed since the attack, no ransomware group has claimed it yet, presumably because they didn’t manage to exfiltrate any data or because they still maintain hope for a private resolution with the victim.