M&S Shares Tumblin' Down: Cyber Attack Hits Big Time
Retail giant Marks & Spencer suffers a £1 billion drop in its market value after suffering significant cyber attacks.
Taking a hit yet again, Marks & Spencer shares plummeted by 4.7 percent yesterday, adding to the losses since their devastating cyber attack in Easter. This slip brings the retail giant's total value loss to an staggering £1.05 billion.
The latest nosedive in the share price came as analysts at Deutsche Bank predicted the crisis could cost M&S around £15 million in lost profits per week, amounting to a total loss of £30 million to date.
Before the unfortunate cyber incident, M&S shares were soaring high. Yet, even with this recent tumble, they still show a significant increase over the past 12 months.
The disruption that the hack caused lasted for weeks, with the Scattered Spider hacking group being the culprit behind it. M&S halted taking clothing and home orders through its website on April 25, following the attack.
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"The major costs associated with a cyber attack are generally lost business, along with any penalties and damage to reputation if sensitive consumer data is compromised," as experts say[1].
The ongoing chaos in M&S operations might persist for weeks.
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[1] Source: BBC News, ITV News, Sky News, The Guardian.
- In light of the devastating cyber attack on Marks & Spencer, experts warn that the major costs can stem from lost business, penalties, and damage to reputation if sensitive consumer data is compromised.
- Despite the recent tumble in M&S shares due to the ongoing chaos caused by the cyber attack, they still demonstrate a significant increase over the past 12 months, drawing investors' attention for potential investing options.
- Spencer, the retail giant's CEO, has yet to comment on the implications of the cyber attack on the company's stocks and business, but analysts are forecasting lasting damage.
- In the world of finance and business, technology has become instrumental in various aspects, making it easier for both big and small companies to operate online. However, it also exposes them to threats such as the one faced by M&S, underscoring the need for robust cybersecurity measures.
- As M&S grapples with the aftermath of the cyber attack, investor Darren from Nottingham laments, "I've seen my £4 billion portfolio dip considerably due to M&S stocks, and I'm not sure if I should bail or hold on and ride it out."
