Retailer Kathmandu Holdings Gets Hit By Cyber-Attack, Customers’ Info At High-Risk

Retailer Kathmandu Holdings gets hit by cyber-attack, customers info at high-risk The online trading website of Kathmandu Holdings Limited (ASX: KMD) gets attacked by hackers as the unidentified third party gained unauthorized access to the Kathmandu platform from 8 January 2019 NZDT to 12 February 2019 NZDT. The data breach is suspected of having most critical damages to Kathmandu’s customers because the company believes that during the period, the third party may have captured the sensitive information including customer personal information and payment details entered at check-out. Almost a month back cyber-attack has come to the notice of the company recently. On realisation of the incident, Kathmandu immediately started an independent forensic investigation to protect the company, data and most importantly its customers. Xavier Simonet, Chief Executive Officer, stated that while the investigation is ongoing, the company is notifying customers and relevant authorities as soon as practicable. The notification read that as soon as Kathmandu became aware of its website data security incident, it took immediate steps and confirmed that the Kathmandu online store is and remains secure. The company is reportedly working with leading external IT and Cyber Security consultants to thoroughly investigate the circumstances of the incident and confirm which customers may have been impacted. However, it has been confirmed that the broader IT environment including all Kathmandu physical stores were not impacted. Consumer discretionary company Kathmandu Holdings is also trying to reach out customers by notifying potentially affected customers directly. It has advised that any customer who believes they may have been impacted should contact their banks or credit card providers and follow their recommended advice. Mr Simonet further stated that as a company, Kathmandu takes the privacy of customer data extremely seriously and the company unreservedly apologise to any customers who may have been impacted. Further, the company is reportedly in the process of notifying the relevant privacy and law enforcement agencies. To the surprise, the market sentiments were not much shaken as the stock marginally declined in the early trade but recovered from the drift to trade flat currently. That means there has been no daily-price movement as at 13 March 2019 (2:27 PM AEST). However, 93,389 shares changed hands on ASX, and the stock price stood at $2.360. Now, it would be important to watch that whether this incident would take a toll on the company’s half-year results and its profit guidance for the entire Fiscal Year 2019 or the company financials remains materially unaffected on the back of strong fundamentals. The 1HFY19 results are due to be released on 26 March 2019, putting forward the performance of the company for the six months ended 31 January 2019. In the recently released trading update and profit guidance, Kathmandu Holdings stated that it expects the Group’s profit to go up by 4%-8% in 1HFY2019 compared to 1HFY2018. Over the past 12 months, KMD stock price surged by 9.77% despite the negative price change of 5.60% in the past three months.

The online trading website of Kathmandu Holdings Limited (ASX: KMD) gets attacked by hackers as the unidentified third party gained unauthorized access to the Kathmandu platform from 8 January 2019 NZDT to 12 February 2019 NZDT.

The data breach is suspected of having most critical damages to Kathmandu’s customers because the company believes that during the period, the third party may have captured the sensitive information including customer personal information and payment details entered at check-out.

Almost a month back cyber-attack has come to the notice of the company recently. On realisation of the incident, Kathmandu immediately started an independent forensic investigation to protect the company, data and most importantly its customers.

Xavier Simonet, Chief Executive Officer, stated that while the investigation is ongoing, the company is notifying customers and relevant authorities as soon as practicable.

The notification read that as soon as Kathmandu became aware of its website data security incident, it took immediate steps and confirmed that the Kathmandu online store is and remains secure. The company is reportedly working with leading external IT and Cyber Security consultants to thoroughly investigate the circumstances of the incident and confirm which customers may have been impacted.

However, it has been confirmed that the broader IT environment including all Kathmandu physical stores were not impacted.

Consumer discretionary company Kathmandu Holdings is also trying to reach out customers by notifying potentially affected customers directly. It has advised that any customer who believes they may have been impacted should contact their banks or credit card providers and follow their recommended advice.

Mr Simonet further stated that as a company, Kathmandu takes the privacy of customer data extremely seriously and the company unreservedly apologise to any customers who may have been impacted. Further, the company is reportedly in the process of notifying the relevant privacy and law enforcement agencies.

To the surprise, the market sentiments were not much shaken as the stock marginally declined in the early trade but recovered from the drift to trade flat currently. That means there has been no daily-price movement as at 13 March 2019 (2:27 PM AEST). However, 93,389 shares changed hands on ASX, and the stock price stood at $2.360.

Now, it would be important to watch that whether this incident would take a toll on the company’s half-year results and its profit guidance for the entire Fiscal Year 2019 or the company financials remains materially unaffected on the back of strong fundamentals. The 1HFY19 results are due to be released on 26 March 2019, putting forward the performance of the company for the six months ended 31 January 2019.

In the recently released trading update and profit guidance, Kathmandu Holdings stated that it expects the Group’s profit to go up by 4%-8% in 1HFY2019 compared to 1HFY2018.

Over the past 12 months, KMD stock price surged by 9.77% despite the negative price change of 5.60% in the past three months.


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