M&S Hit by £300M Loss After Cyberattack, CEO Vows Recovery by August
Marks & Spencer (M&S) has suffered a significant blow following a cyberattack in April, with the company estimating a £300 million ($409 million) loss in operating profit. CEO Stuart Machin expects the company to recover from the attack's impact by August. The attack, which involved a ransomware operation called DragonForce and is potentially linked to the Scattered Spider hacking collective, has led to calls for stricter cybersecurity measures and reporting requirements.
The attack, which occurred in April, forced M&S to suspend online shopping for nearly seven weeks. The company resumed taking online orders for clothing lines on June 10, but click and collect services remain unavailable. The attack was caused by a third-party impersonation, highlighting the need for robust security measures across all levels of a company's operations. M&S has since doubled its cyberattack insurance cover and is currently processing its claim.
Chairman Archie Norman revealed that two major unreported cyberattacks on large British companies have occurred in the last four months. He believes that British businesses should be legally required to report material cyberattacks to the authorities. Norman also noted that the crisis has highlighted the importance of being able to operate using pen and paper during system downtime.
The cyberattack on M&S has resulted in a substantial financial loss and disrupted the company's operations. As the company works to recover, the incident has sparked a conversation about the need for stronger cybersecurity measures and reporting requirements for businesses. With the potential for more attacks in the future, companies are urged to learn from M&S's experience and take proactive steps to protect themselves and their customers.
Read also:
- West Virginia Governor's Revived Board Sparks Legal Concerns Amidst US Clean Energy Push
- Trump and Xi speak over the phone, according to China's confirmation.
- Unlawful MMO gold peddler cultivates around half a million dollars in income, triggering a tax dispute, followed by developers unveiling strategies to clamp down on real-world transactions
- Prices of transit tickets in Berlin and Brandenburg are on the rise
