M&S Cyber Attack Disrupts Services and Hits Profits
Marks & Spencer, one of the UK’s leading retailers, has been hit by a significant cyber attack that has disrupted its services and is expected to have a substantial impact on its profits. According to reports from the BBC, the attack occurred over the Easter weekend and initially affected the company’s click and collect and contactless payments.
The incident has had far-reaching consequences for M&S, with the company being forced to suspend online orders and warn customers that services would continue to be disrupted until July. In a recent update, John Lyttle, managing director of fashion, home and beauty at M&S, announced that a selection of the retailer’s "best selling" fashion ranges would now be available online. This development is a welcome relief for customers who have been affected by the disruption.
The cyber attack has also had a significant financial impact on the company, with M&S estimating that it will hit this year’s profits by around £300m. This amount is equivalent to a third of the company’s profit and would only be partly covered by any insurance payout. The incident highlights the growing threat of cyber attacks to businesses and the importance of investing in robust security measures to protect against such incidents.
In addition to the financial impact, the cyber attack has also resulted in the theft of personal customer data by hackers. According to M&S, the stolen data could have included telephone numbers, home addresses, and dates of birth. However, the company has reassured customers that the data theft did not include useable payment or card details, or any account passwords. This incident serves as a reminder of the importance of businesses prioritising the security and protection of customer data.
The incident has raised concerns about the vulnerability of businesses to cyber attacks and the need for companies to invest in robust security measures to protect against such incidents. As reported by the BBC, M&S has been working to restore its services and ensure that customers can shop safely online. The company’s efforts to get its online services back up and running have been welcomed by customers, who have been affected by the disruption.
In conclusion, the cyber attack on M&S has had a significant impact on the company’s services and profits. The incident highlights the growing threat of cyber attacks to businesses and the importance of investing in robust security measures to protect against such incidents. As the company continues to work to restore its services, customers can take comfort in the fact that M&S is taking steps to prevent similar incidents in the future. The BBC has been informed that M&S is making good progress in this regard, and we will continue to bring you updates on this developing story as more information becomes available.
The BBC has been at the forefront of reporting on this incident, providing timely and accurate updates on the situation. Our reporting has been based on information provided by M&S and other reliable sources. We will continue to monitor the situation and provide updates as the story develops.
Source: BBC News
