Asos shares down as apparent hack creates risk for companypublished at 13:19 BST
Michael Race
Business and economics reporter
Image source, Getty ImagesCyber attacks can spell huge financial implications for companies due the huge disruption to operations by systems and data being compromised – as well as hackers typically hoping to extort a pay-off.
Those fears appear to be gathering among investors today, with shares in Asos down almost 10% following the emergence of messages on its app appearing to have been sent by hackers. The company is yet to comment.
Asos is an online retailer based in the UK and has millions of customers worldwide.
While popular with influencers and content creators advertising its products, the fashion firm has been struggling from declining sales in recent years and is in the middle of a turnaround plan aimed at returning to profit.
Ahead of its full-year results, due to be released next month, the company said there were positive signs in its recovery – however, today’s news creates risk to that.
Following a cyber attack last year, M&S’s profits were almost wiped out as customers were left unable to buy online from the retailer for months.
Asos will be hoping this incident will not leave long lasting damage and can be resolved as fast as possible.
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