Shares Drop at Hudson’s Bay After Credit Card Info Stolen at Saks, Lord & Taylor stores

In What's New, Industry News by Lauren Parker, Accessories Magazine

Canadian department store retailer Hudson’s Bay is having a serious data breach problem and shares are tumbling as a result.

The retailer reported security breaches at some North American Lord & Taylor, Saks Fifth Avenue and Saks Off 5th stores.

Hudson’s Bay said it has “taken steps to secure” the breach. “Once we have more clarity around the facts, we will notify our customers quickly and will offer those impacted free identity protection services, including credit and web monitoring,” said Hudson’s Bay in a statement.

The company’s shares fell as much as 6.2% and were trading 5.7% lower at C$8.41 as of 9:37 ET (1337 GMT), compared with a 0.2% loss on the Toronto stock benchmark. It was the second-biggest decliner on the index, according to Reuters.

The New York Times reported that a cybercriminals ring obtained more than five million credit and debit card numbers from Saks Fifth Avenue and Lord & Taylor customers, according to a cybersecurity research firm that specializes in tracking stolen financial data. Apparently, software was “planted” into cash registers, allowing card numbers to be siphoned off, according to the firm.

The Hudson’s Bay breach is the latest in a string of data breaches, retail and otherwise.
See chart below from CSO.

Source: CSO

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