Victoria's Secret Hit by Major Cyberattack: Website Down, Shares Plummet

Victoria's Secret Suffers Major Cyberattack, Causing Four-Day Outage and Share Price Drop Victoria's Secret, the well-known lingerie retailer, experienced a significant cyberattack that led to a four-day outage of its US website and some in-store services. The company confirmed the disruption, citing security concerns, but refrained from releasing specific details about the nature and extent of the attack. The incident, which began late Sunday night, May 25th, and continued until Thursday, May 29th, resulted in a considerable impact on the company's operations and its stock price. According to Fast Company, Victoria's Secret's share prices plummeted over 11% between Tuesday's market close and Thursday morning. This significant drop reflects investor concerns about the potential long-term effects of the cyberattack on the company's reputation and financial stability. Online platforms like Reddit reported widespread outages during this period, further supporting the scale of the disruption. While Victoria's Secret has not yet provided a detailed timeline or explanation of the incident, an FAQ on their website states that they were "currently processing orders for in-stock items placed on or after May 22nd." This suggests the issue may have started shortly before or on that date. This incident isn't isolated; Marks & Spencer, a British retailer, faced a similar cyberattack earlier in May, and Harrods briefly restricted website access in April due to security concerns. These events highlight the growing vulnerability of major retailers to cyber threats and the significant consequences that such attacks can have on their operations and financial performance. The situation underscores the need for robust cybersecurity measures to protect businesses and consumer data in the digital age.