adplus-dvertising
Connect with us

Business

Indigo stores and website hit by ‘cybersecurity incident’

Published

 on

Indigo Books & Music Inc. is dealing with what it calls a “cybersecurity incident” that has affected customer orders in-store and online.

It started at the Toronto-based retailer on Wednesday. As of Thursday evening, Indigo’s website was still offline.

“We are working with third-party experts to investigate and resolve the situation,” the company said in a message posted on its website.

“Our hope is to have our systems back online as soon as possible.”

300x250x1

Indigo says it can’t process electronic payments, accept gift cards or deal with returns. Physical stores are limited to processing sales with cash only.

The company hasn’t given much detail about what is going on, but David Masson, director of enterprise security at cybersecurity firm Darktrace, says the sheer length of the problem suggests it wasn’t an internal error, and rather an instance of ransomware, where hackers steal information, lock systems and demand a ransom to release them.

“Their point-of-sale system has gone down… and they’ve also said that they’re unable to take returns anymore, which kind of implies that they’re unable to bring stock back into the system.”

If “just a small part of an organization is going down, it’s probably not ransomware,” he said. “But if it’s more widespread, that’s kind of a hint that it might be.”

Ransomware “really does muck up your organization, and it’s not going to get fixed in a few hours,” he said.

Latest retail attack

If it is ransomware, it means the company has joined a growing list of Canadian retailers to have fallen victim just in the past few months.

Sobeys parent company Empire Co. Ltd. recently grappled with a security breach that shut down its pharmacy services and other in-store functions.

The cybersecurity event in early November left customers unable to fill prescriptions for four days, while other in-store functions like self-checkout machines, gift card use and the redemption of loyalty points were offline for about a week.

Empire said in December the incident is expected to cost $25 million after insurance recoveries.

Enza Alexander, vice-president with cybersecurity firm ISA, is shown outside holding a handrail on a set of stairs.
Enza Alexander is a vice-president with cybersecurity firm ISA. (ISA)

Enza Alexander, a vice-president at cybersecurity firm ISA, says that while she has no first-hand knowledge of what’s happening at Indigo, retailers are becoming popular targets for cybercriminals because of the rise of online shopping — and they’re more noticeable when they happen because they are in the public eye.

“Financial gains [are] how the cybercriminals are generating dollars to feed their endeavours,” she told CBC News.

While she says it’s too early to tell what’s happened at Indigo, her advice for consumers boils down to basic common sense.

“I’ve always advised people close to me ‘You’re one click away from making the wrong click,'” she said.

728x90x4

Source link

Continue Reading

Business

Roof blown off Mercedes-Benz dealership in Regent Park, police urge caution in the area – CP24

Published

 on


Part of the roof of the Mercedes-Benz dealership in Regent Park has blown off and landed on a nearby roadway, according to Toronto police.

The dealership is on the southwest corner of Dundas Street East and Bayview Avenue, near the Don River and Don Valley Parkway.

Police say it happened just after 11:30 a.m. and are urging drivers and pedestrians to use caution in the area and consider using alternate routes.

300x250x1

Dundas Street East is closed in the area in both directions, as is the southbound lane of Bayview Avenue.

Police say all Don Valley Parkway on-ramps remain open.

It’s unclear what exactly caused the dealership’s roof to become detached, however a special weather statement remains in effect for Toronto due to rain and high winds gusting at up to 80 km/h.

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Business

Windsor-Essex brewers lament impact of looming 6.3% alcohol tax

Published

 on

Chapter Two Brewing Company in Windsor is celebrating a milestone this weekend.

“Five years! We’re pretty pumped that we got this far and we’re still going strong,” said brewery co-owner and general manager, Cheryl Watson. “It’s good news, I mean, we’ve gone through a lot.”

From the impact of lockdowns during the pandemic to recent inflationary pressures and wage increases, Watson notes the cost of doing business has been steep.

And that anniversary celebration will clouded by a looming alcohol excise tax increase on all alcohol producers.

300x250x1

“I think everything is just, it’s been unpredictable for suppliers and buyers alike,” Watson said. “We have to look at and figure out what part of it you’re going to cover and what part of it you’re going to ask your customer to cover.”

That question will get harder on April 1 when the 6.3 per cent federal excise tax goes into effect on beer, wine and spirits producers.

Taxes already make up 50 per cent of the cost of beer, 65 per cent of the cost of wine and 75 per cent spirits, according to the Canadian Taxpayers Federation.

“The screws are tightening and we don’t have as many places to play anymore,” said Watson.

The increase on the table is triple the usual jump — a number tied directly to inflation — and has alcohol manufacturers wondering who is going to pick up the tab.

“You’re going to see probably a six to 10 per cent increase on the price of your beer,” said Shane Meloche, the owner of Frank Brewing Company in Windsor. He’s weathered the storm that is the past few years in the hospitality industry and doesn’t want to raise prices but worries this time, he may have no choice.

“We’re here to make money. We’ve got 20 to 30 people that work here. We need to stay in business,” Meloche said. “We want to keep everybody employed. So the only way to do that is to pass along that price to the consumer.”

Restaurants who sell alcohol will also feel the effects. A recent Restaurants Canada survey found about half of Canadian restaurants are operating just at or below profitability levels, noting the tax increase will cost Canada’s food-service industry about $750 million a year.

“Their profit margins are very slim. And then when you have a six per cent increase, it’s slimmer,” said Paul Boots, who along with business partner John Conlon launched Suds Runner just a few months back.

It’s a licensed manufacturing representative retailer for nine different Breweries in Ontario where customers can go online and order flights of beer from them that you can’t get at the LCBO or Beer Store — and they bring it to your door.

They started the venture to support local breweries and give their less popular brews more exposure for customers who can’t make it out to craft breweries as often as they’d like.

They hope the increase doesn’t crush their suppliers, customers, or them.

“It’s important, I think, for people to understand that if the price is going up a little bit, it’s not because they’re making more money,” said Conlon.

“They’re just trying to work, trying to make it work.”

728x90x4

Source link

Continue Reading

Business

Shares in Deutsche Bank drop as global banking worries persist – Al Jazeera English

Published

 on


Tumbling stocks dragged down other major banks across Europe, fuelling fears about a banking sector crisis.

Shares in Deutsche Bank have fallen sharply, dragging down other major European banks and reigniting fears about a widening banking sector crisis.

Germany’s biggest lender dropped more than 14 percent on the Frankfurt Stock Exchange in Friday morning trading before clawing back ground in the afternoon to trade 9.5 percent lower, at 8.43 euros ($9.07) a share.

300x250x1

Tumbling bank stocks dragged down markets across Europe on Friday with Germany’s Commerzbank down 7.5 percent, France’s Societe Generale off 5.9 percent and Austria’s Raiffaisen down 5.9 percent.

Deutsche Bank is one of 30 banks considered globally significant financial institutions, so international rules require it to hold higher levels of capital reserves because its failure could cause widespread losses.

The long-troubled bank has become the focus of investor concerns after the collapse of three regional US lenders and the Swiss government-brokered takeover of Credit Suisse by rival UBS triggered market turmoil this month.

Olaf Scholz
German Chancellor Olaf Scholz says there is ‘no reason to be concerned’ about the health of Deutsche Bank [Johanna Geron/Reuters]

The cost of insuring the bank’s debt against a risk of defaulting, known as credit default swaps, has surged as investors fret about the banking sector’s health.

Rising costs on insuring debt were a prelude to Credit Suisse‘s rescue by UBS. That hastily arranged takeover on Sunday and jitters about Credit Suisse’s long-running troubles led its shares to tank and customers to pull out their money.

Asked whether Deutsche Bank could be the next Credit Suisse, German Chancellor Olaf Scholz said, “There is no reason to be concerned.”

Scholz expressed confidence in Deutsche Bank, saying it had “modernised and organised the way it works. It’s a very profitable bank.”

Speaking in Brussels after a summit of EU leaders, he also said the European banking system was “stable” with strict rules and regulations.

Deutsche Bank said on Friday that it would redeem $1.5bn in tier 2 bonds early. Such a move is normally aimed at boosting confidence in a bank although its shares plunged regardless.

The bank was hit by a string of problems linked to its attempts before the 2008 global financial crisis to compete with Wall Street investment banking giants.

But it launched a major restructuring, which involved thousands of job cuts and a greater focus on Europe, and has returned to financial health. Last year, it booked its highest annual profit since 2007.

European officials said banks in the European Union’s regulatory system, which does not include Credit Suisse, are resilient and have no direct exposure to the failed California-based Silicon Valley Bank and little to Credit Suisse.

Efforts to strengthen banking regulation in recent years “puts us all in a position to say that European banking supervision and the financial system are robust and stable and that we have resilient capitalisation of European banks”, Scholz said.

European leaders, who played down any risk of a possible banking crisis at their summit on Friday, said the financial system is in good shape because they require broad adherence to tougher requirements to keep ready cash on hand to cover deposits.

International negotiators agreed to those rules after the 2008 financial crisis, triggered by the failure of US investment bank Lehman Brothers. US regulators exempted midsized banks, including Silicon Valley Bank, from those safeguards.

[embedded content]

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Trending