Marks & Spencer is currently facing significant challenges due to a recent cyber-attack. For weeks now, their website has been down, leaving customers unable to shop online. Users are greeted with a message that says the site is undergoing updates.
This situation isn’t just an inconvenience. M&S estimates the attack will cost them about £300 million in profits this year, a figure that exceeds earlier expectations. This loss equates to nearly a third of their projected profits, which may not be fully covered by insurance.
The cyber-attack occurred over the Easter weekend and primarily disrupted services like click-and-collect and mobile payments. Stuart Machin, the CEO of M&S, explained that they managed a sophisticated attack, resulting in prolonged disruptions.
In addition to operational challenges, some personal data may have been stolen during the breach. While the retailer assures customers that payment details and passwords remain secure, it’s possible that sensitive information like phone numbers, addresses, and birth dates was compromised. There’s also a chance that online order histories are included in the stolen data.
The group behind this attack, known as Scattered Spider, is also linked to previous attacks on other companies, such as the Co-op and Harrods. However, M&S feels the most severe effects.
As cyber threats grow increasingly common, businesses like M&S must remain vigilant. According to the Cybersecurity and Infrastructure Security Agency, cyber-attacks are rising, impacting not only retail but also finance and healthcare, demonstrating a trend that companies must address urgently.
For more on this matter, you can visit the BBC’s report here.