Tech Firm Speaks Out Amidst Major Data Breach
- Tata Consultancy Services (TCS) denies involvement in M&S cyber attack
- M&S estimates the fallout could cost up to £300m in group operating profit this year
- No passwords or payment details were affected by the hack
- M&S continues to restore services to its website with plans for expansion
Tata Consultancy Services (TCS), the technology partner of Marks & Spencer (M&S), has denied any involvement in the recent cyber attack that affected the retailer. M&S was forced to shut down its ecommerce operations and estimates the fallout could cost the business up to £300m in group operating profit this year, with half expected to be mitigated through insurance and cost controls. The company confirmed that hackers accessed customer data such as addresses, phone numbers, and dates of birth but no passwords or payment details were affected. TCS provides tech services to Co-op, which also suffered a cyber attack in early May, though it is not believed to be investigating any connection between the two incidents.
Factuality Level: 8
Factuality Justification: The article provides accurate information about TCS’s statement on the cyber attack, M&S’s impact, and related events without any significant issues with digressions, misleading information, or personal opinions.
Noise Level: 3
Noise Justification: The article provides relevant information about the cyber attack on M&S and TCS’s statement regarding their systems not being compromised. It also mentions the impact of the attack on M&S’s operations and future plans. However, it could provide more in-depth analysis or insights into the cause of the attack and potential solutions for similar incidents.
Financial Relevance: Yes
Financial Markets Impacted: No
Financial Rating Justification: The article discusses a cyber attack on M&S, which impacted their ecommerce operations and could cost the business up to £300m in group operating profit. TCS, an IT giant and principal technology partner of M&S, was involved but no financial markets are mentioned.
Presence Of Extreme Event: Yes
Nature Of Extreme Event: Technological Disruption (cyber-attacks, major service outages, data breaches, etc.)
Impact Rating Of The Extreme Event: Moderate
Extreme Rating Justification: The extreme event was a major cyber attack on M&S’s systems, causing disruptions to its ecommerce operations and potentially costing the business up to £300m in group operating profit. Although no passwords or payment details were affected, customer data including addresses and phone numbers were accessed. TCS, the tech firm involved, claims none of its systems or users were compromised.
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