Major Retailer’s Tech Partner Under Scrutiny After Data Theft
- Tata Consultancy Services (TCS) investigates cyber attack on M&S
- M&S’s online clothing business disrupted until July
- £300m profit hit due to the attack
- Human error blamed for the breach by CEO Stuart Machin
Tata Consultancy Services (TCS), the technology provider for Marks & Spencer (M&S), has initiated an investigation into a potential security breach that led to a £300 million profit loss and disrupted the retailer’s online clothing business. M&S CEO Stuart Machin attributed the attack to ‘human error,’ revealing that staff at a third-party contractor were tricked by hackers. The investigation is expected to conclude by the end of the month. TCS also serves as a strategic partner for Co-op, which recently experienced a similar cyber incident.
Factuality Level: 8
Factuality Justification: The article provides relevant information about the cyber attack on M&S and its technology provider TCS, includes quotes from the CEO of M&S, and mentions the impact on profits and timeline of the investigation. It also briefly discusses another hacking incident involving a different company (Co-op) that uses TCS as well. The article is mostly factual and objective, with no significant issues related to digressions, sensationalism, redundancy, or personal perspective.
Noise Level: 4
Noise Justification: The article provides relevant information about the cyber attack on M&S and its technology provider TCS, but lacks in-depth analysis or actionable insights. It also briefly mentions another hacking incident involving Co-op without providing further context or connection to the main topic.
Financial Relevance: Yes
Financial Markets Impacted: Yes
Financial Rating Justification: The article discusses the financial impact of a cyber attack on M&S, which will result in a £300m hit to its profits. It also mentions TCS, a technology provider for both M&S and Co-op, which is a company that could potentially impact financial markets due to its involvement with these retailers.
Presence Of Extreme Event: Yes
Nature Of Extreme Event: Technological Disruption (cyber-attacks)
Impact Rating Of The Extreme Event: Severe
Extreme Rating Justification: The cyber attack caused significant disruption to M&S’s online clothing business and resulted in a £300m financial impact, which is severe enough to warrant this rating. The incident also affected another company, Co-op, that shares TCS as a technology partner.
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