South African retailer TFG has reported a cybersecurity incident at its UK-based business, TFG London, which affected certain IT systems on October 11. The incident specifically impacted the company's Phase Eight, Hobbs, and Whistles brands. TFG immediately activated its incident response and business continuity plans to mitigate the effects of the incident. The incident has been reported to the relevant UK authorities.
TFG London has engaged external cybersecurity specialists to contain the incident and is conducting an investigation to determine the extent of the impact. The investigation includes establishing whether any personal or sensitive information has been compromised. The company's stores in the UK remain open and trading, although several IT systems remain unavailable. TFG London's operations are separate from its operations in South Africa and Australia.
The cybersecurity incident at TFG London did not affect its Inside Story and White Stuff brands. The company's operations in TFG Africa and TFG Australia run on separate systems and are not affected by the incident. TFG's board will continue to assess the situation and communicate any material developments if required. The incident response and business continuity plans are in place to minimize disruptions to the business.
TFG, which operates 4,914 stores across 18 countries, has been facing a challenging trading environment in South Africa. The company's South African operations, which account for a significant portion of its turnover, were impacted by weaker consumer demand last year. This resulted in lower earnings for the year to end-March. TFG has identified underperforming stores across its portfolio and plans to close some of them.
In June, Business Day reported that TFG plans to close 100 underperforming stores and reduce inventory purchases in South Africa. The company has 3,432 stores in South Africa, which contribute significantly to its group turnover. The store closures are part of TFG's efforts to improve performance and adapt to the challenging trading environment.
TFG's operations in the UK and Australia are separate from its South African operations, and the cybersecurity incident at TFG London is not expected to have a significant impact on the company's overall operations. The company's brands, including The Fix, Exact, @Home, Volpes, and Jet, continue to operate, with some IT systems unavailable.
TFG will notify affected individuals or organizations if the investigation establishes that personal or sensitive information has been compromised. The company's board will continue to monitor the situation and provide updates as necessary. The incident serves as a reminder of the importance of robust cybersecurity measures in protecting against increasingly sophisticated cyber threats.
Key points
- TFG London's cybersecurity incident affected certain IT systems, including Phase Eight, Hobbs, and Whistles brands.
- The incident has been reported to the relevant UK authorities, and external cybersecurity specialists have been engaged to contain the incident.
- TFG's operations in South Africa and Australia are not affected by the incident, as they run on separate systems.
