Fourlis Group Confirms €20 Million Loss from IKEA Ransomware Attack

Fourlis Group, the retail operator responsible for IKEA stores across Greece, Cyprus, Romania, and Bulgaria, has revealed that a ransomware attack targeting its systems in late November 2024 led to significant financial losses. The cyber incident, which coincided with the busy Black Friday shopping period, disrupted critical parts of the business and caused damages estimated at €20 million (around $22.8 million). 

The breach initially surfaced as unexplained technical problems affecting IKEA’s e-commerce platforms. Days later, on December 3, the company confirmed that the disruptions were due to an external cyberattack. The attack affected digital infrastructure used for inventory restocking, online transactions, and broader retail operations, mainly impacting IKEA’s business. Other brands under the Fourlis umbrella, including Intersport and Holland & Barrett, were largely unaffected.
 

According to CEO Dimitris Valachis, the company experienced a loss of approximately €15 million in revenue by the end of 2024, with an additional €5 million impact spilling into early 2025. Fourlis decided not to comply with the attackers’ demands and instead focused on system recovery through support from external cybersecurity professionals. The company also reported that it successfully blocked a number of follow-up attacks attempted after the initial breach. 

Despite the scale of the attack, an internal investigation supported by forensic analy

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