The approach of M&S to the cyber attack which began last week may have impacted public trust in the retailer.
That is the view of CARMA, an insights firm specialising in brand reputation and media intelligence.
M&S chief executive Stuart Machin issued an apology to customers impacted by the attacks last week before hundreds of agency workers at its main distribution centre were told to stay at home.
The incident disrupted several key services, including its click and collect orders, orders on M&S.com and contactless payment systems.
M&S first notified the public about the incident last Wednesday and its share price has since slumped from 407.2p to 384p today.
CARMA has analysed how the story evolved with a focus on public trust, customer impact and crisis response.
Between 29th and 30th April, the data shows that the story generated 9.47m impressions across UK online mainstream media in just 48 hours, with 84.6% of the news carrying a negative sentiment – driven by concerns over disruption, security and leadership visibility.
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Within 48 hours, tone shifted with growing focus on financial loss, stock issues and personal impact on customers.
During this period, it says, no consistent named M&S spokesperson appeared with most quotes attributed to anonymous spokespeople.
Globally, the story has now reached over 495.4m potential impressions in the UK (53.5%) and US (34.9%).
Michael Simpson, senior business development manager for retail at CARMA, said: “While M&S did act swiftly by involving law enforcement, our data analysis shows the brand came across as more reactive than proactive in its comms in the aftermath of the attack.
“The absence of a visible spokesperson and direct customer-facing leadership in media coverage may have amplified concerns about preparedness and impacted trust. In high-stakes cyber incidents like this, it’s not just about reacting early; it’s about showing you’re in control, with clear, authoritative messaging front and centre.
“That kind of visibility is what shapes public trust, even in a crisis, particularly when core services like click and collect are affected and disruption becomes personal for customers.”