Summary
Marks & Spencer, a British retailer, experienced a cyber attack in April, cutting its profits by over 55% compared to the previous year. The attack disrupted both its online and in-store business, causing significant operational challenges.
Key Facts
- Marks & Spencer lost over half of its profits due to a cyber attack.
- The attack occurred in April and disrupted the supply chain, leading to empty shelves.
- The company suspended online orders for nearly two months.
- Click and collect services were halted for almost four months.
- M&S received £100 million in insurance money related to the cyber attack.
- Despite the setback, M&S expects its full-year profits to match last year's results.
- In the six months ending in September, M&S reported an adjusted profit before tax of £184 million.
- Hackers sent ransom demands directly to the company's CEO.
