Giant British Retailer Marks & Spencer (M&S) is expected to lose more than $ 400 million due to a cyber attack that disturbed the business activities.
In a new note for investors, M&S out That the company believes that the cyber attack will reduce the profit in the tax 1920s 2025-2026 operational budget by $ 403 million, “before cost limit, insurance and trade actions.”
Says M&S CEO Stuart Machin,
“In recent weeks we have managed a very advanced and targeted cyber attack, which has led to a limited period of disruption. We have tackled this head with incredible mind, teamwork and deep sense of responsibility while we have given priority to serving our customers …
As a team we worked around with suppliers and partners to control the incident and to stabilize activities, which takes proactive measures to minimize the disruption for customers. ”
Machin also says that sales malfunctions due to the cyber attack, which the company announced on April 22, will continue for the next two months.
“In fashion, at home and beauty, online sales and trade profit are strongly affected by the necessary decision to pause online shopping, but stores have remained resilient. We expect the online disruption to continue in June and July while we restart and then set up the activities.”
The M&S cyber attack enabled cyber criminals to obtain sensitive personal information from the retailer customers, including contact details, date of birth and online ordering history.
The incident seems to be connected to a broader operation by a hacking group that is known as ‘Dragonforce’, who has also claimed responsibility for a violation of the co-on food supermarket chain, also in the UK.
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