Co-op’s Cyberattack: £80M Profit Hangover and Shelves Going Bare
The Co-operative Group is grappling with an £80 million hangover from a cyberattack, which left its systems offline earlier this year. Despite thwarting full-blown ransomware, Co-op suffered chaos, lost revenue, and a data breach affecting 6.5 million members. The retailer slumped to a £32 million loss, offering discounts to woo back customers.
Hot Take:
Cybercriminals really crashed the Co-op party, leaving them with an £80 million hangover. It’s like waking up after a wild night out only to find out someone not only stole your wallet but also took your dignity and your ability to stock groceries. The Co-op’s financial strength might be akin to a sturdy liver, but even the toughest organs struggle with a cyberattack the size of a virtual pub crawl gone wrong!
Key Points:
– Co-op’s systems were downed by a cyberattack, leading to a staggering £206 million in lost revenue.
– An £80 million profit hit has been reported for the first half of 2025.
– Personal data of 6.5 million members was stolen, although no payment details were compromised.
– The attack led to empty shelves and a scramble to woo back customers with discounts.
– Four suspects linked to the attack were arrested, believed to be part of the Scattered Spider hacker group.