M&S cyber-attack disruption to last until July and cost £300m
Summary
Marks & Spencer (M&S) experienced a cyber-attack that disrupted its online services and will continue to affect them until July. The attack, which happened in April, is expected to cost M&S about £300 million in profits this year. The company is working to restore its online operations gradually and improve its systems for the future.Key Facts
- M&S's online services have been disrupted since a cyber-attack occurred over the Easter weekend.
- The company estimates a financial impact of roughly £300 million due to the attack.
- Hackers used social engineering, manipulating people rather than exploiting a technology flaw.
- Police suspect a hacking group named Scattered Spider, involved in similar attacks, is responsible.
- M&S plans to bring back 85% of their online product range quickly.
- The attack affected M&S's online shopping, reducing availability of their products.
- Some losses might be covered by cyber-insurance and cost reductions.
- M&S reported a profit rise before the hack but expects lower profits this year due to attack-related issues.
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