British multinational retailer Marks and Spencer (M&S) is reeling from the aftermath of a cyberattack that has crippled its IT systems, leading to widespread disruption to its online and in-store operations.
The retailer’s market value has dropped by almost £700 million (A$1.4 billion). Its shares fell by 2% on Monday, marking a 7% drop since the incident was first disclosed last Tuesday.
The company has locked out remote-working employees from its internal systems as part of efforts to contain the breach, while struggling to restore full service.
The attack, which is suspected to be a ransomware incident, began last week and forced M&S to halt online orders for clothing and homewares on Friday. The retailer has since paused its click-and-collect services, disrupted contactless payment systems, and even stopped accepting product returns at some stores.
As of Monday, M&S admitted it was unsure when it would be able to resume online orders, leaving many customers frustrated and unable to complete purchases.
The fallout is not limited to M&S’s financials. About 200 agency workers at its main online distribution centre in the UK were sent home due to the lack of orders to fulfil. The company is also investigating whether cybercriminals are demanding a ransom in exchange for unlocking its systems.
Despite the chaos, M&S has reassured customers that their data remains safe, with no immediate action required on their part. The company is working with the UK’s National Cyber Security Centre to address the breach and has notified the Information Commissioner’s Office as required by law.
