Authentic Brands Group Suffers Ransomware Attack

Authentic Brands Group (ABG), a leading global lifestyle and entertainment company, has reportedly been targeted by the ransomware group HiveLeak. The company, which operates in the retail sector, has not publicly acknowledged the attack, but HiveLeak has claimed responsibility on their dark web leak site.

ABG is known for its unified platform that integrates mergers and acquisitions, brand strategy, creativity, and digital innovation to unlock the power of its global portfolio. The company has been involved in several high-profile acquisitions, including the acquisition of Forever 21 in 2019.

The retail sector has been a significant target for ransomware attacks in recent years, with many major retailers experiencing data breaches and supply chain disruptions. The sector's large customer base and financial transactions make it an attractive target for cybercriminals.

Ransomware attacks typically involve the encryption of data, with the attackers demanding a ransom in exchange for the decryption key. In some cases, the attackers may also steal sensitive data and threaten to release it unless a ransom is paid.

To mitigate the risks of ransomware attacks, companies should implement robust cybersecurity measures, including regular software updates, employee training, and data backups. Additionally, companies should be prepared to respond quickly to any potential attacks, including isolating affected systems and engaging with law enforcement and cybersecurity experts.

Sources

• Authentic Brands Group
• Data Breach at Apparel Giant Forever 21 Impacts Over 500,000 Individuals - Security Magazine
• The running list of major retail bankruptcies - Retail Dive - Retail Dive
• Hive ransomware victims: Apetito, Exela and G4S among seven new alleged victims - Cybersecurity Dive
• Luxury cybercrime: Best practices for CISOs - CybelAngel - CybelAngel