Marks & Spencer Cyberattack Expected to Cost $400 Million

Technology

Marks & Spencer Cyberattack Expected to Cost $400 Million

6 months ago

News sources:

CHANNELNEWSASIA 2

REUTERS

INDIATIMES 2

NYTIMES

Marks & Spencer Cyberattack Expected to Cost $400 Million

Credited from: REUTERS

Marks & Spencer expects a £300 million ($400 million) loss due to a recent cyberattack.
The disruption is projected to affect online sales until July.
The retailer's stock value dropped significantly, losing over a billion pounds.
Personal customer data was compromised during the breach.
The attack has forced M&S to revert to manual processes, affecting operations.

British retailer Marks & Spencer (M&S) reported that a "highly sophisticated cyber" attack is projected to cost around £300 million ($400 million) in lost operating profit. The attack, which occurred over the Easter weekend, disrupted operations significantly and is expected to affect online services until July, according to Channel News Asia, Reuters, and New York Times.

The retailer had to pause online orders, leading to a substantial impact on its sales in the Fashion, Home & Beauty sectors. Although store operations remained relatively stable, M&S faced increased operational costs and waste as it reverted to manual systems, which were less efficient, according to India Times and India Times.

M&S disclosed that personal customer data, including names and addresses, may have been compromised, although credit card details were not accessed. The company stated that it expects to manage damages through insurance and other cost mitigation strategies, as confirmed by Reuters and New York Times.