Marks & Spencer sees £1bn wiped off its value in wake of cyber attacks
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Marks & Spencer shares fell again yesterday – taking losses since its devastating cyber attack to more than £1billion.
M&S shares tumbled another 4.7 per cent – meaning the High Street retailer has shed over 12 per cent of its value or £1.05billion since the hack at Easter.
That left M&S with a market capitalisation of £7.4billion last night.
The latest slump in the share price came as analysts at Deutsche Bank estimated the crisis is costing it £15million in lost profits a week – with a total hit of £30million so far.
‘The biggest costs from a cyber attack is usually lost business and, if sensitive consumer data is compromised, any fines and loss of reputation,’ they said.
The disruption – which has left customers facing empty shelves in M&S stores – could last for weeks.
The retailer was attacked by the Scattered Spider hacking group over Easter and stopped taking clothing and home orders through its website on April 25.
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