IG news Update,
Indigo Books & Music Inc., Canada’s largest bookstore chain, is back online a month after the cyberattack, however, is still battling the fallout.
“A month has passed but this is not normal for Indigo,” said Charles Finlay, executive director of Rogers Cybersecure Catalyst at Toronto Metropolitan University.
“This is a reflection of the complexity and severity of cyber security attacks and the potentially devastating effects on major businesses.”
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The company’s website appears to be back, although a notice states that the online inventory is in the process of being updated. It is still recommended that consumers contact a local store to ensure that a specific product is in stock and available for purchase.
On February 8, the ransomware attack began and IndiGo’s website and payment system were booted offline.
The Toronto-based company’s temporary website is still limited to selling “select books” as of Wednesday, and current and former employees braced for their personal information to be posted on the so-called dark web.
The bookstore chain said its network was hijacked through ransomware software known as LockBit.
The hack threw the company into turmoil as its e-commerce operations and in-store debit and credit card payment systems were halted.
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The bookstore managed to quickly restore its payment systems and soon launched a temporary browsable website.
The retailer recently revealed that it decided not to pay the ransom because it could not be assured that the ransom payment “would not end up in the hands of terrorists or others on the sanctions list.”
“There’s a calculation that comes down to dollars and cents and risk and reward,” Finlay said. “Now we’re seeing what happens when you don’t pay the ransom.”
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Indigo declined an interview request for this story.
The company isn’t the only one to be targeted by online hackers.
Sobeys’ parent company Empire Company Ltd., the Liquor Control Board of Ontario, or LCBO, and Toronto’s Hospital for Sick Children, or SickKids, all fell victim to recent cyberattacks, underscoring how widespread cyber security issues are. are being made.
“Everyone is getting hit and sometimes the damage is more extensive than anticipated,” said Robert Falzon, head of engineering at Check Point Canada.
“In the past, some organizations have actually chosen insurance as their cyber security weapon of choice,” he said. “It was actually cheaper to insure against a major breach than to implement the right security and training. But that is about to change.
It is not clear when IndiGo’s website will be fully restored or how much employee data has been leaked online.
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Falzon said that even a month after the hack, IndiGo’s investigation is still uncovering the full scope of the damage.
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“It is not over for Indigo yet,” he said. “They’re probably still figuring out what really happened.”
Meanwhile, retail experts say the biggest risk for IndiGo is the potential loss of customers.
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While some reduction in online sales tied to Valentine’s Day and now potentially March break and Easter could make for a tough quarter, they say the loss of customer loyalty is a bigger long-term threat.
“The stores are operating at full throttle and are the most important thing in the grand scheme of things,” said Lisa Hutcheson, managing partner at consulting firm JC Williams Group.
“But the challenge will be issues of trust and perception,” she said. “It may take some time for some customers to return to Indigo. They can be really nervous.
Hutchison said IndiGo’s transparency during the cyber security crisis would go a long way towards reassuring some customers.
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And a sale won’t hurt.
“Everyone likes sales,” she said. “An event like that with friends and family can be helpful. But I don’t think it needs to sell.
She added that additional Plum Rewards to recognize customer loyalty or other offers may entice some reluctant customers to shop at the bookstore once again.
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Tamara Zams, Canadian retail industry consultant with The NPD Group, echoed Hutchison’s thoughts.
“Promotions are very attractive to the Canadian consumer right now. However, is this a strategy to win back loyalty? It may increase sales and revenue, but if you want to win back consumer loyalty and trust, it really takes your It’s all about putting the best foot forward.
Supporting employees through the breach, sharing with customers how they will protect their personal information and being transparent about the process will help IndiGo earn and garner loyalty.
© 2023 The Canadian Press