Cyber Troubles at Marks & Spencer (M&S): A Quick Recap
Marks and Spencer's Equity Shares Initiate Recovery Following Approximately £700 Million Cyber Attack Setback
In a nutsy, turn-up, M&S took a hit, and its shares took a dive, plummeting off the cliff like Wile E. Coyote after a cyber attack clobbered their value by almost £700 million.
Last week, M&S unleashed the news, and the share price plummeted from 411p to 383p. This dive came after the cyber attack snarled up contactless payments and click-and-collect orders.
Frustration and finger-pointing ensued, culminating in M&S's decision to freeze all orders through its website and app last Friday. Some of the retailer's global sites also halted taking orders.
But, lo and behold! The tides have started to turn for M&S, with its share price bouncing back for the first time since the attack went down. This uptick came despite M&S informing certain customers that they might be twiddling their thumbs for an undetermined amount of time before online shopping resumes.
The Dynamic Dance of Chaos
A wave of about 200 incisors (uh, we mean agency staff) at M&S's principal online distribution center in Leicestershire have been ordered to kick back, relax, and zone out—no work for you today!
M&S banked a cool £1.27 billion from online sales of clothing and home merchandise last year. This assault on their systems has brought their entire operation to a standstill, causing financial casualties that might cost them up to £3.5 million daily.
In their most recent communication to the London Stock Exchange, M&S said they had decided to cease online transactions on their UK and Ireland websites and some international sites. However, the glass is half full, as M&S's stores are still open and ready to greet customers with open arms. Or perhaps with masks and hand sanitizer, considering the times we're living in, right?
M&S notes that they continue to claw their way back, enlisting expert reinforcements to confront the enemy head-on and bar the door against further infiltrations. They've made it clear to customers that there's no need to take any action and that they'll relay any changes as they occur.
References:[1] FT, Marks & Spencer[2] BBC, M&S cyber attack[3] Sky News, M&S cyber attack: Shares rebound as retailer pauses online orders
- The cyber attack on M&S caused financial losses of up to £3.5 million per day, affecting their stock value and online transactions, as they announced a halt on orders for their UK and Ireland websites, along with some international sites.
- Despite the cybersecurity trouble, M&S's stores in Leicestershire and across the globe continue to operate, welcoming customers with masks and hand sanitizers.
- In a bid to restore their systems and fend off any further infiltrations, M&S has enlisted the help of expert reinforcements in the technology and cybersecurity industry.
- The retail giant has assured customers that they are making progress, and any updates regarding the resumption of online orders will be communicated as soon as they become available.
