Levi Strauss (LEVI) Stock Drops After Cyberattack Hits Company Systems
TLDR
- Levi Strauss disclosed a cybersecurity breach involving a social engineering attack on three employees
- An unauthorized third party gained access to company systems and extracted corporate information
- No consumer data was impacted and business operations have not been disrupted
- Levi does not expect a material impact on its operations or financial results
- Cybercriminals have targeted over 200 companies in the past five weeks using similar tactics
Levi Strauss stock edged lower in pre-market trading on Friday after the company disclosed a cybersecurity breach in a regulatory filing.
An unauthorized third party gained access to the companyโs systems through a social engineering attack that targeted three employees. The attackers used psychological manipulation, rather than technical hacking, to gain access to company-issued computers.
Social engineering relies on human emotions like trust to trick people into handing over passwords or sensitive data through emails, texts, or phone calls.
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