Weekend Shopping Assurance: Marks & Spencer Confirms Adequate Stock Despite Cyber Attacks
Steaming Ahead Despite the Cyber Assault
Marks & Spencer, after suffering a crippling cyber attack over the Easter weekend, has vowed to shore up its inventory for an upcoming barbecue blowout. The retail giant assures its clientele that stock levels are returning to normal and availability is improving day by day.
The company has confronted a torrential deluge of bare shelves since the surprise hack, forcing it to put a halt on online clothing orders. However, M&S has signaled that its chilled and grocery sections are now stocked, thanks to a more regular deliveries pattern. Staples like BBQ items, fresh bakery, produce, deli, and snacks are reported to be well-represented.
With several retailers, including Marks & Spencer and Harrods, now targeted by the formidable DragonForce gang, the Co-op has managed to skate through relatively unscathed. The Co-op swiftly took its computers offline, thwarting the attack, while M&S continues to struggle for weeks on end.
As a result, M&S shares have tumbled by more than 13% since Easter, erasing over £1billion from its market value.
On a brighter note, M&S confirmed yesterday that it has made considerable progress clearing the inventory backlog in its stores. Yet, it refused to pinpoint a date for when its website and app - currently offline since April 25 - will succor the faithful once more.
Meanwhile, the US cryptocurrency exchange Coinbase has been another victim of the DragonForce assault, with hackers demanding a whopping £15million ransom. The struggle against these nefarious forces is far from over.
Retail Hitmen Club
- Previous
- 1
- Next
- US tariff cuts delayed: British firms left twiddling thumbs for now... Tax break bonanza: A golden opportunity for Reeves to spur post-pandemic growth
Share this article
How This Is Money Can Help You
- Guide to the best (and cheapest) stocks and shares ISA and DIY investing accounts
Last night, the luxury brand Dior revealed that it was reaching out to select customers following a cyber attack. It remains unclear if the attack was masterminded by DragonForce. The Co-op managed to elude the hackers thanks to a pre-emptive decision to take its computer services offline.
'They severed their own connection – squandering sales, paralyzing logistics, and incinerating stockholder value,' cryptically stated insider sources about the Co-op's resolution. The Co-op reported that its stock systems are gradually recuperating.
Cybersecurity analysts speculate that the sheer magnitude of the M&S attack has put a vast portion of the British populace on high alert, uncertain whether their sensitive data has fallen into the wrong hands. Though M&S confirmed that payment details and account passwords were untouched, customers have been cautioned to remain vigilant against potential phishing attempts.
Affiliate links: If you purchase products through these links, This is Money may earn a commission. This selection process is driven by our editorial team's recommendations and does not impact our editorial independence.
Discover the perfect investing account for you
- In the wake of the cyber attack on M&S, other retailers like Dior are taking precautions, indicating a heightened sense of concern about cybersecurity in the business sector.
- The Co-op, which proactively took its computer services offline, has avoided the devastating consequences faced by M&S, demonstrating the importance of cybersecurity measures in protecting a business from potential cyber attacks.
- As the struggle against cyber attacks continues, with the US cryptocurrency exchange Coinbase also becoming a victim, investors are cautioned to remain vigilant, particularly in sectors such as cryptocurrency and finance that are increasingly vulnerable to these threats.
