UK online retailer ASOS shares drop on reports of cybersecurity breach

ASOS Shares Drop After Reports of Major Cybersecurity Breach

ASOS Faces Cybersecurity Crisis and Market Impact

Oct 6 (Reuters) - Shares in ASOS dropped more than 11% on Tuesday after media reports said customers of the British online fashion retailer received push notifications saying the company was hacked.

Reuters could not immediately verify the reports. An ASOS spokesperson said it was aware of the reports but did not confirm or comment further.  

Details of the Alleged Breach

The notification - addressed to ASOS' data protection officer and IT department - read, "we have fully compromised the Snowflake instance. Engage with us, or we will leak it," according to the reports.

Potential Risks to Customer Data

"Snowflake is a massive cloud database where retailers typically store sensitive customer information, a real worry if cyber criminals have indeed accessed it as they claim," said Dray Agha, senior manager of security operations at cybersecurity platform Huntress.

Wider Context: Cyberattacks on British Companies

British companies and institutions have been increasingly hit by aggressive and regular cyber and ransomware attacks in recent years. The British Library, a blood testing service, the London Underground, Marks & Spencer, the Co-op and Jaguar Land Rover are some of the companies that have suffered months of disruption due to such breaches.

Attackers' Tactics and Extortion Methods

"The push notification suggests attackers have breached the systems controlling the ASOS mobile app also," Agha said. "Sending a ransom demand directly to consumer devices is an aggressive extortion tactic designed to force the business into a quick negotiation."

ASOS Share Performance and Recent Developments

Market Reaction

ASOS shares were up more than 60% so far this year. The company has been divesting assets and last month provided an upbeat profit forecast for fiscal 2026. 

Reporting Credits

(Reporting by Yadarisa Shabong and Yamini Kalia in Bengaluru and James Davey in London; Editing by Vijay Kishore)