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Retailer lost nearly $38 million due to cyber attack

Posted On: Jun. 29, 2023 10:04 AM CST

Canada-based Indigo Books & Music Inc. lost $50 million Canadian ($37.78 million) in its last fiscal year, ended April 1, as a cyber security incident in February destroyed an otherwise profitable year, CBC reported. The company has yet to come up with a final financial tally for the cyber attack, but it is expected to be in millions of dollars. The retailer said that while the business interruption losses cannot be reasonably estimated at this time, it has incurred CAD5.2 million of expenses as of April 1.