Hungarian Hackers Swipe Billions from International Retailer
Pepco, a popular retail chain with stores across Europe, recently experienced a setback as hackers from Hungary managed to steal EUR 15.5 million from the company’s account. This cyber attack led to a 10% drop in Pepco’s shares on the stock market.
The company has since taken action by collaborating with banks and law enforcement to recover the stolen funds, although the chances of success remain uncertain. Fortunately, Pepco has assured customers, suppliers, and employees that their data has not been compromised in this incident.
As a precautionary measure, Pepco has initiated a comprehensive review of all their systems and processes to prevent future cyber threats. Despite the financial loss, the retail chain remains financially stable with a liquidity of over EUR 400 million and a strong revenue stream.
Pepco operates 3,600 stores across Europe, including more than 1,300 stores in Poland and 350 in Hungary, offering a range of clothing and household products to customers. The company’s swift response to the hack demonstrates its commitment to safeguarding its operations and maintaining trust with stakeholders.
