A cybersecurity incident that knocked Indigo Books & Music Inc.’s website and electronic payment systems offline is the latest in a string of cyberattacks experts say are increasingly targeting Canadian businesses.
“It’s really turned into the Wild West out there and companies are struggling,” Robert Falzon, head of engineering at Check Point Canada, said in an interview Thursday.
“We’re going to be seeing more of these more frequently and the damage will be longer as organizations continue to struggle with the adoption of cloud technology and the explosion of artificial intelligence. Just about anybody can be a junior hacker and start creating malware.”
An Indigo store is seen Wednesday, November 4, 2020 in Laval, Que. Indigo Books & Music Inc. says it is dealing with what it calls a “cybersecurity incident” that has affected customer orders.THE CANADIAN PRESS/Ryan Remiorz
Indigo‘s website has been down since Wednesday afternoon. While the book retailer can process in-store orders paid for in cash, it cannot process electronic payments, accept gift cards or handle returns.
Indigo said it’s working with third-party experts to investigate and resolve the situation and hopes to have its systems back online as soon as possible.
In response to customer questions about the service outage on Twitter, the company said it’s working to restore its systems and to “understand if customer data has been accessed.”
Indigo also said customers who recently purchased items online may experience delays with part or all of their order.
The Office of the Privacy Commissioner of Canada is aware of the matter and is in communication with the organization “in order to obtain more information, including a formal breach report, and to determine next steps,” spokesman Vito Pilieci said in an email.
Canadian retailers have increasingly experienced cyberattacks in recent 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.
On Thursday evening, Indigo reported earnings for its latest quarter were $34.3 million, down from $45.1 million a year earlier.
Earnings per diluted share for the third quarter ended Dec. 31 were $1.22, down from $1.60 for the same quarter in 2021.
Revenues were $422.7 million, down from $430.7 million a year earlier.
This report by The Canadian Press was first published Feb. 9, 2023
MTY Food Group Inc. says its profit and revenue both slid in its most recent quarter.
The restaurant franchisor and operator says its net income attributable to owners totalled $34.9 million in its third quarter, compared with $38.9 million a year earlier.
The results for the period ended Aug. 31 amounted to $1.46 per diluted share, down from $1.59 per diluted share a year prior.
The company behind 90 brands including Manchu Wok and Mr. Sub attributed the fall to impairment charges on property, plants and equipment along with intangibles assets.
Its revenue decreased slightly to $292.8 million in the quarter from $298 million a year ago.
While CEO Eric Lefebvre saw the quarter as a sign that the company’s ongoing restructuring is starting to bear fruits, he said the business was also hampered by significant delays in construction and permitting that resulted in fewer locations opening.
This report by The Canadian Press was first published Oct. 11, 2024.
Taiga Motors Corp. says the Superior Court of Québec has approved its sale to a British electric boat entrepreneur.
The Montreal-based maker of snowmobiles and watercraft says it will be purchased by Stewart Wilkinson.
Wilkinson’s family office is behind marine electrification brands that include Vita, Evoy, and Aqua superPower.
Wilkinson and Taiga did not reveal the terms or value of the deal but say Wilkinson will assume Taiga’s debt to Export Development Canada and has committed to funding Taiga’s business plan.
The companies say the transaction will allow them to achieve greater economies of scale and deliver high-performance products at compelling prices to accelerate the electric transition.
The sale comes months after Taiga sought bankruptcy protection under the Companies’ Creditors Arrangement Act to cope with a cash crunch.
This report by The Canadian Press was first published Oct. 11, 2024.
Toronto-Dominion Bank is facing fines totalling about US$3.09 billion from U.S. regulators in connection with failures of its anti-money laundering safeguards.
The bank also received a cease-and-desist order and non-financial sanctions from the Office of the Comptroller of the Currency that put limits on its growth in the U.S. after it was found that TD had “significant, systemic breakdowns in its transaction monitoring program.”
