Biggest Data Theft Case Ahead?

  • M&S faces multimillion-pound lawsuit over cyber attack data leak
  • Hackers stole shopper data including dates of birth and contact details
  • No payment or account passwords were compromised
  • Thompsons Solicitors launching class action claim against M&S
  • M&S CEO Stuart Machin faces significant pay reduction due to cyber attack impact

Marks & Spencer (M&S) is facing a multimillion-pound lawsuit following a cyber attack that resulted in the theft of shopper data, including dates of birth and contact details. Although payment details and account passwords were not compromised, Thompsons Solicitors are launching a class action claim against M&S for exposing customers to potential scams due to insufficient data protection. M&S CEO Stuart Machin is set to face a pay reduction of up to £1.1m as the cyber attack has led to a 14% drop in the company’s share price, equating to approximately £831,000 from his performance share plan and £233,000 from a deferred bonus.

Factuality Level: 8
Factuality Justification: The article provides accurate information about M&S being hit with a lawsuit following a cyber attack, the type of data stolen, and the potential consequences for CEO Stuart Machin’s pay. It also mentions the drop in share price. However, it includes some irrelevant details about Amazon and Shein which are not directly related to the main topic.
Noise Level: 4
Noise Justification: The article provides relevant information about a cyber attack on M&S and its consequences, including a lawsuit against the company and CEO pay reduction. However, it could benefit from more in-depth analysis of the long-term impact on the company and industry, as well as potential solutions or preventive measures for similar incidents.
Financial Relevance: Yes
Financial Markets Impacted: Yes
Financial Rating Justification: The article discusses a cyber attack on M&S that led to a multimillion pound lawsuit and a drop in the company’s share price, impacting both financial topics and financial markets.
Presence Of Extreme Event: Yes
Nature Of Extreme Event: Technological Disruption
Impact Rating Of The Extreme Event: Severe
Extreme Rating Justification: There was a significant impact on M&S’s share price and CEO’s pay due to the cyber attack, which led to data theft. The company is facing a multimillion pound lawsuit as a result of the incident.

Reported publicly: www.retailgazette.co.uk