Marks & Spencer (M&S) is facing significant setbacks from a recent cyber-attack attributed to the hacking group Scattered Spider, projecting profits to decrease by £300 million through July. This follows a trend of increasing cyber threats affecting UK retailers, with M&S halting online orders amidst the crisis. The company aims to claim up to £100 million from insurance, potentially setting a record in the retail sector. CEO Stuart Machin noted that despite the challenges, M&S's strategic response is intended to ultimately enhance its resilience.
The attack on M&S is another stark reminder that ransomware gangs are evolving faster than traditional defences can cope.
Over the last few weeks, we have been managing a highly sophisticated and targeted cyber-attack, which has led to a limited period of disruption.
This incident is a bump in the road, and we will come out of this in better shape, and continue our plan to reshape M&S for customers, colleagues and shareholders.
We were able to respond quickly and take the right actions immediately. We knew who to call and how to put the business continuity plan into action.
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