M&S: FTSE 100 shares slump as online orders stopped
Shares in FTSE 100 giant Marks and Spencer (M&S) slumped this afternoon as the retailer stopped taking online orders because of an ongoing cyber attack.
The London-listed company confirmed earlier this afternoon that it had made the decision not to take any more orders through its website and app because of the cyber attack – which was first revealed to the public on Tuesday.
M&S has also confirmed that some of its international websites have also paused taking orders.
In the aftermath of the latest update, shares in the FTSE 100 business have slumped by around five per cent – wiping millions of its market capitalisation.
M&S started the day valued at just over £8bn while its shares have been falling since 17 April.
They were trading at a recent high of 411p then but are now changing hands at 377p.
On Tuesday, the high street retail giant apologised to shoppers as it confirmed it had to make “minor, temporary changes” to its store operations to protect customers and the business.
M&S confirmed that it is working with external cyber security experts to assist with investigating and managing the incident.
The group added that it has reported the incident to the relevant data protection supervisory authorities and the National Cyber Security Centre.
Yesterday, the group said it had stopped processing contactless payments due to the cyber attack. It denied that some shops had also stopped accepting cash.
M&S issues a new update on cyber attack
In a statement issued to the London Stock Exchange, M&S said: “As part of our proactive management of the incident, we have made the decision to pause taking orders via our UK & Ireland websites and apps and some M&S International operated websites.
“The M&S product range is available to browse online, and our stores remain open and ready to welcome and serve customers.
“We continue to manage the incident proactively and the M&S team – supported by leading experts – is working extremely hard to restore online operations and continue to serve customers well.
“We previously informed customers that there was no need to take any action. That remains the case, and we will let them know, if the situation changes.
“We remain grateful for the support that our customers, colleagues, partners and suppliers have shown during this time and will provide further updates, as appropriate.”