Genesco Inc. Reports Payment Card Data Breach in Network Intrusion
On Friday, retail company Genesco Inc. disclosed a significant breach in its computer network, specifically targeting the segment responsible for processing payment card transactions. The Nashville, Tennessee-based retailer has acknowledged that certain card details may have been compromised, though it has moved swiftly to secure the affected systems. Genesco reassured its customers, asserting that credit and debit card transactions can now be safely conducted in its stores.
The intrusion impacted Genesco’s brands, including U.S. Journeys, Journeys Kidz, Shi by Journeys, Johnston & Murphy, and select Underground Station locations. The company is currently collaborating with external cybersecurity experts to assess the full scope of the breach and its implications.
Robert Dennis, the Chairman, President, and CEO, stated that the company has been proactive in reinforcing the security of customer information since the breach was discovered. He urged customers to monitor their account activity carefully and to report any suspicious transactions to their card issuers. “We sincerely regret any inconvenience this attack may cause our customers,” he added.
Genesco has noted that the breach potentially compromised payment card numbers, expiration dates, and card verification codes stored on the magnetic stripe of some affected cards. Critically, the company does not believe that sensitive personal information such as names, addresses, or Social Security numbers were accessed by the perpetrator. Furthermore, transactions made through its e-commerce platforms or Canadian stores remain unaffected by the incident.
In conjunction with the ongoing investigation, Genesco has alerted law enforcement and major payment card brands, collaborating with them to pinpoint the individuals responsible for the cyber intrusion. Notably, reports emerged of heightened traffic on Mastercard’s website on the same day, though the company stated that credit card functionality was not impaired. The situation is reminiscent of a wider series of cyberattacks against organizations that have taken stances against Wikileaks, particularly following their disclosure of confidential U.S. diplomatic communications.
The MITRE ATT&CK framework provides a context for this intrusion, suggesting possible adversary tactics such as initial access, which may have involved exploiting vulnerabilities within the network, and persistence, indicating the attackers’ efforts to maintain a foothold within the system. Techniques such as credential dumping might also have been employed to gather user information for further exploitation.
As the situation evolves, business owners must remain vigilant in the wake of incidents like this. Genesco’s experience underscores the importance of robust cybersecurity measures and the need for continual monitoring of payment systems. In trading on Friday, Genesco Inc. (GCO) saw modest fluctuations, closing at $38.86, reflecting a 0.52% increase amidst market concerns about the breach.
In the realm of cybersecurity, this incident serves as a reminder of the persistent threats facing retailers and underscores the vital need for comprehensive security strategies to mitigate potential risks.