M&S cyber-attack linked to hacking group Scattered Spider
A major cyber-attack on Marks & Spencer has been linked to a hacking collective known as Scattered Spider, which is previously thought to have hit MGM Resorts and the US casino operator Caesars.
The group, which has previously been found to include people in their 20s from the UK and the US – some of whom faced charges over attempts to steal cryptocurrency via phishing attacks in the US – are reported to have encrypted key M&S systems using ransomware, according to the technology specialist site BleepingComputer.
The reports emerged as online sales at M&S – which account for an average £3.8m a day – were suspended for a fifth day.
The disruption caused by the hack – and uncertainty over when it will end – has wiped more than £500m off the stock market value of M&S in the past week as experts said it had clearly suffered a cyber-attack on a huge scale.
Industry insiders said it was rumoured that the attack had originated at one of M&S's service suppliers and it was not clear if the company had been directly targeted.
M&S said: 'As you would expect, we cannot share the details of this cyber incident.'
BleepingComputer reported the hackers had stolen M&S data as early as February that could have helped them gain access to key systems. It said the hackers had then encrypted access to a server using software from the ransomware operator DragonForce last week.
Tim Mitchell, a senior security researcher at Secureworks, said that while it was impossible for outsiders to confirm who the hackers were, the extent of the disruption caused to M&S indicated it had been subject to a ransomware attack. These attacks encrypt access to important systems and demand a ransom in return for a key to unlock them.
He said Scattered Spider, also known as Octo Tempest, appeared to be 'quite unusual' as a hacking group in that they were largely English-speaking – unlike the majority of such groups, which are based in places such as Russia, where there is a more 'permissive environment' where they have more freedom to operate.
He added: 'Their motivation appears to be as much about bragging rights on those channels [where they communicate] as about money.'
He said the hackers could have used phishing emails, gained control of a company phone number or rung up help services pretending to be M&S employees to gain access to systems.
Julius Černiauskas, the chief executive of the web intelligence experts Oxylabs, said: 'Following the M&S cyber-attack and the potential involvement of hacking group Scattered Spider, all major UK retailers will be seriously worried if they'll be tangled in the web next. The impact on the M&S share price shows the damage these attacks can do and will have many corporate retailers working day and night to ensure they do not suffer a similar fate. 'Ransomware gangs typically target companies like M&S with the aim of causing maximum disruption to force a quick payout. Their goal is simple: the greater the disruption, the greater the pressure on the company to pay the ransom.'
Shoppers are still able to browse online and shop in M&S's physical stores using cash or cards, but some difficulties continue in stores, with gift cards not currently being accepted. Returning goods is only possible at tills in clothing and homeware stores or via post. Food stores are not currently able to accept returns.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Business Insider
29 minutes ago
- Business Insider
Stock Market News Review: SPY, QQQ Drop amid Israel-Iran Escalation, VIX Surge
Both the S&P 500 (SPX) and the Nasdaq 100 (NDX) closed the Friday trading session down by over 1% as the Israel-Iran conflict has escalated with Iran striking back at Israel. Rising geopolitical uncertainty benefits the Volatility Index (VIX), which finished with a sharp 19.7% jump. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter This morning, President Trump said that Israel's attack on Iran could actually benefit the market. 'I think ultimately, it would be great for the market because Iran will not have a nuclear weapon,' said Trump in an interview with the Wall Street Journal. 'It will be great for the market —should be the greatest thing ever for the market. Iran won't have a nuclear weapon that was a great threat to humanity.' On Truth Social, Trump urged Iran to sign a deal that would end its nuclear program. Crude oil futures jumped by about 7% today as the conflict threatens disruptions to the Strait of Hormuz, which acts as a passage for nearly 20% of global oil shipments. To increase domestic production, Trump wants U.S. oil refiners to blend an all-time high of 24.02 billion gallons of biofuel into conventional fuels in 2026. Biofuels are an alternative to fossil fuels that are created from organic matter, like algae and crops. Meanwhile, consumer sentiment is on the rise, erasing six months of consecutive drops. The University of Michigan's preliminary June Index of Consumer Sentiment tallied in at 60.5, beating the estimate for 53.5 and rising from 52.2 in May. Year-ahead and long-run inflation expectations also fell. Still, consumers remain worried about the stock market, the labor market, and business conditions, with confidence levels in these areas well below where they were six months ago. On the trade front, UK Prime Minister Keir Starmer said that the U.S. and UK have made progress in reaching a final trade deal, saying 'There's nothing unexpected in the implementation, and so we haven't got any hiccups or obstacles.' The S&P 500 ended the week with a 0.41% loss while the Nasdaq 100 fell by 0.57%.
Yahoo
an hour ago
- Yahoo
Momentum stocks that helped drive the market's epic recovery are stalling. Get ready for a ‘buyable' pullback.
After helping to power the U.S. stock market's historic recovery from April's tariff-induced selloff, many of the momentum names popular with individual investors are showing signs of exhaustion. That means investors should approach with caution over the coming weeks. Because another opportunity to buy the dip might lie ahead, according to Jonathan Krinsky, a technical analyst at BTIG. My husband is in hospice care. Friends say his children are lining up for his money. What can I do? These defense stocks offer the best growth prospects, as the Israel-Iran conflict fuels new interest in the sector Walmart's stock looks like it's in trouble. What the chart says may come next. Why bonds aren't acting like a safe haven for investors amid the Israel-Iran conflict My mother-in-law thought the world's richest man needed Apple gift cards. How on Earth could she fall for this scam? 'While it's still too early to say we are getting a more widespread pullback, we are starting to see some early cracks in certain high-beta momentum names today, with many leadership stocks working on potential downside reversals,' Krinsky said in commentary shared with MarketWatch on Thursday. As Krinsky pointed out, Goldman Sachs Group's long-only basket of high-beta momentum stocks appears to have stalled out just shy of its year-to-date peak from February. He identified seven momentum stocks that look particularly vulnerable: GE Aerospace GE, Robinhood Markets Inc., HOOD Lemonade Inc. LMND, Netflix Inc. NFLX, Tesla Inc. TSLA, Twilio Inc. TWLO and Upstart Holdings Inc. UPST. To be sure, only three of these stocks — GE, Tesla and Netflix — are components of the S&P 500. Even if they encounter some near-term turbulence, all of those stocks remain in strong uptrends, Krinsky said. That means any pullbacks would likely prove to be another 'buyable' opportunity. 'To be clear, most of these are in strong primary uptrends, so pullbacks are ultimately buyable,' Krinsky said. 'Tactically, however, we would be cautious of many of these names over the next couple of weeks, especially heading into quarter-end, when big rebalances often take place.' Since skittering to the brink of bear-market territory in early April after President Donald Trump unveiled his 'liberation day' tariff plans, the S&P 500 SPX has staged what could ultimately prove to be its fastest-ever recovery back toward record highs, according to Dow Jones Market Data. The speed of the move has taken many on Wall Street by surprise. By the time Trump announced a 90-day pause on many of the tariffs on April 9, the index had fallen by 18.9% from its February record high to its closing low on April 8. Since then, all seven of the momentum stocks cited by Krinsky have tallied huge gains, with Robinhood up more than 115%, while Lemonade has gained nearly 70%. Even Netflix, the worst performer in the group, has risen by roughly 40%, FactSet data showed. The S&P 500, meanwhile, has risen by 21.3%. Data from several Wall Street banks show retail investors helped power the market's recovery in April, while their professional peers remained much more cautious. The index was still about 1.7 percentage points shy of its Feb. 19 record as of Thursday's close, although it tallied its highest finish since Feb. 20, according to Dow Jones data. U.S. stocks finished higher on Thursday, with the S&P 500, Nasdaq Composite COMP and Dow Jones Industrial Average DJIA all closing in the green. 'He failed in his fiduciary duty': My brother liquidated our mother's 401(k) for her nursing home. He claimed the rest. Gundlach says gold is no longer for lunatics as the bond king says wait to buy the 30-year 'I am getting very frustrated': My mother's adviser has not returned my calls. He manages $1 million. Is this normal? I'm in my 80s and have 2 kids. How do I choose between them to be my executor? 'It might be another Apple or Microsoft': My wife invested $100K in one stock and it exploded 1,500%. Do we sell?

an hour ago
How major US stock indexes fared Firday, 6/13/2025
Oil prices leaped, and stocks slumped on worries that escalating violence following Israel's attack on Iranian nuclear and military targets could damage the flow of crude around the world, along with the global economy. The S&P 500 sank 1.1% Friday and wiped out what had been a modest gain for the week. The Dow Jones Industrial Average dropped 769 points, and the Nasdaq composite lost 1.3%. Crude prices jumped roughly 7% because Iran is one of the world's major producers of oil and fighting in the region could disrupt the flow. Treasury yields rose with worries about inflation. On Friday: The S&P 500 fell 68.29 points, or 1.1%, to 5,976.97. The Dow Jones Industrial Average fell 769.83 points, or 1.8%, to 42,197.79. The Nasdaq composite fell 255.66 points, or 1.3%, to 19,406.83. The Russell 2000 index of smaller companies fell 39.59 points, or 1.8%, to 2,100.51. For the week: The S&P 500 is down 23.39 points, or 0.4%. The Dow is down 565.08 points, or 1.3%. The Nasdaq is down 123.13 points, or 0.6%. The Russell 2000 is down 31.74 points, or 1.5%. For the year: The S&P 500 is up 95.34 points, or 1.6%. The Dow is down 346.43 points, or 0.8%. The Nasdaq is up 96.03 points, or 0.5%. The Russell 2000 is down 129.65 points, or 5.8%.