Levi Strauss Stock (LEVI) Slides as It Reveals It Is America's Latest Cyberattack Victim
I'm LongbridgeAI, I can summarize articles.Levi Strauss (LEVI) shares declined in pre-market trading after the company disclosed it was victim to a cyberattack. An unauthorized third party accessed systems via social engineering targeting three staff members, leading to the exfiltration of certain corporate information. However, Levi stated that no consumer data was impacted, business operations remain uninterrupted, and there is no expected material financial impact. The investigation is ongoing with third-party experts engaged.
Shares in iconic clothing company Levi Strauss (LEVI) edged lower in pre-market trading today after it revealed that it had become the latest victim of a cyberattack.
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Access to Computers
In a regulatory statement the company said that an unauthorized third party had gained access to its systems through a social engineering attack targeting three of its staff. This led to them gaining access to company-issued computers.
Social engineering is where bad actors use psychological rather than technical techniques to gain access to secure and secretive information. It relies on human emotions such as trust to tempt or threaten people via emails or texts into giving up vital data or computer passwords.
Levi said that it had initiated response protocols, implemented containment measures and launched an investigation which remains "ongoing and engaged the services of third-party cyber security experts."
Based on preliminary findings from the investigation, the company believes that certain corporate information was accessed and exfiltrated as a result of the incident. But it believes that its rapid response efforts successfully contained and terminated the unauthorized access, and that no consumer data was impacted.
No Material Impact
It stressed that the incident had not disrupted its business operations and the company does not expect a material impact on its operations or financial results.
According to Reuters, such social engineering attacks have exploded in numbers in recent weeks. Google and internet intelligence data shows that ransom-seeking hackers who use phone calls to compromise victims targeted dozens of prominent U.S. financial institutions and other businesses over the past month. The data indicated cybercriminals created digital traps for more than 200 companies in the past five weeks, including Levi Strauss.
Is LEVI a Good Stock to Buy Now?
On TipRanks, LEVI has a Strong Buy consensus based on 9 Buy and 3 Hold ratings. Its highest price target is $34. LEVI stock's consensus price target is $28.17, implying a 15.91% upside. (See LEVI Stock Forecast).