Retailer’s Online Services to Resume Amid £300m Loss
- M&S expects full recovery from cyber attack by August
- Online services to be restored within weeks
- Estimated cost of £300m
- Data breach involving staff information, but no sensitive details accessed
- Cyberattack linked to Scattered Spider group
- Executive bonuses may be impacted by financial hit
- Online store reopened last month with limited products
Marks & Spencer (M&S) is targeting a full recovery from the cyber attack that occurred in April, with CEO Stuart Machin confirming online services will be restored by August. Speaking at the retailer’s annual general meeting, he assured shareholders that affected systems would return to normal operation. The attack, which halted online orders and disrupted click-and-collect and contactless payments, is estimated to have cost M&S around £300 million. Although staff information was breached, no passwords or home addresses were accessed. The incident has been linked to the Scattered Spider hacking group, responsible for other retail breaches in the UK and US. Chairman Archie Norman mentioned that systems are being brought back online weekly, with executive bonuses potentially affected by financial consequences. M&S reopened its online store last month, offering a limited selection of fashion and homeware products in England, Scotland, and Wales.
Factuality Level: 8
Factuality Justification: The article provides relevant information about M&S’s recovery from a cyberattack, its impact on the business, and the timeline for restoring online services. It also mentions the estimated cost of the attack and the involvement of hacking group Scattered Spider. The article is not overly dramatic or opinionated, and includes information about similar incidents at other retailers.
Noise Level: 3
Noise Justification: The article provides relevant information about M&S’s recovery from a cyberattack and its financial impact, but it lacks in-depth analysis or exploration of the consequences on customers and employees.
Financial Relevance: Yes
Financial Markets Impacted: Yes
Financial Rating Justification: The article discusses a cyberattack that impacted M&S’s online services and estimated to have cost the business around £300m, which affects their financial situation. It also mentions potential impacts on executive bonuses based on the financial hit. This has implications for the company’s finances and operations.
Presence Of Extreme Event: Yes
Nature Of Extreme Event: Technological Disruption
Impact Rating Of The Extreme Event: Severe
Extreme Rating Justification: The cyberattack caused significant disruptions to the company’s online services, costing around £300m and affecting staff information. It also led to a temporary pause in online orders and click and collect services.
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