Co-op’s Cyber Catastrophe: £80 Million Loss and a Data Breach Drama!
The Co-operative Group faced an £80 million operating profit loss due to a cyberattack. The attack not only disrupted systems but also stole personal data of 6.5 million members. Despite the chaos, Co-op managed to maintain liquidity, though they might want to consider investing in a firewall stronger than a wet paper towel.
Hot Take:
Ah, the irony of a co-operative getting hacked; it seems the hackers decided to co-operate with each other a little too well! Co-op’s financial results make us wonder if their new slogan should be “Safety first, profits later.” With an £80 million loss, Co-op might just want to consider calling their IT department the “Oops! Department” instead. Here’s hoping they turn things around before their profits are as low as their stock on tobacco!
Key Points:
- Co-op reported an operating profit loss of £80 million due to a cyberattack.
- The attack led to £20 million in one-off costs and £60 million in lost sales.
- Total revenue reduction hit £206 million, with further losses expected.
- Hackers linked to DragonForce stole personal data of 6.5 million members.
- Four suspects were arrested by the U.K.’s National Crime Agency.