2023-02-23 Citi Trends Inc Cybersecurity Incident

Page last updated on April 11, 2024

Citi Trends Inc initially disclosed a cybersecurity incident in an SEC 8-K filing on 2023-02-23 16:46:16 EST.

Incident Details

Material: Unknown
Is Breach: Unknown
Records Compromised: Unknown
Data Types Impacted: No Data Types Tracked (yet)

Compromised Date: 2023-01-14
Detected Date:
Disclosure Date: 2023-02-23
Contained Date:
Recovered Date:

Attack Goal: Unknown

Costs: No Costs Tracked (yet)

Filings

8-K filed on 2023-02-23

Citi Trends Inc filed an 8-K at 2023-02-23 16:46:16 EST
Accession Number: 0001104659-23-024793

Item 8.01 Other Events.

On January 14, 2023, Citi Trends, Inc. (the “Company”) experienced a disruption of its back office and distribution center IT systems, which was due to what is known as Hive ransomware. On January 26, 2023, the U.S. Department of Justice, acting with the FBI, announced the successful disruption of the Hive network. Soon thereafter, the FBI provided tools that the Company began using to restore its affected systems. The Company’s stores and financial system of record were unaffected and remained fully operational. Upon discovering the disruption, the Company immediately activated its incident response and business continuity plan to support the restoration of affected systems. The Company can confirm that sensitive customer data is not retained on its systems.

At this time, the Company’s Information Technology team and its incident response partners have restored affected critical operating systems. The Company is working to minimize the effect on operations and financial results as the flow of merchandise to stores began to normalize during the third week of February 2023. The impact of this disruption was not material to the Company’s fourth quarter fiscal 2022 financial results and, while the Company’s investigation and remediation efforts remain ongoing, it is not expected to be material to the Company’s full year fiscal 2023 financial results.

Company Information