Marks & Spencer’s Cyber Drama: From Ransomware Woes to Resilient Recovery!
Marks & Spencer’s ongoing cyberattack is expected to knock £300 million off its operating profits for 2025/26. While DragonForce ransomware is wreaking havoc, M&S is set on turning this crisis into a “technical transformation.” Meanwhile, meal deal sandwiches are scarce, and the share price took a 12% nosedive.
Hot Take:
Marks & Spencer’s latest fiscal report reads like a season finale of a cyber-drama, complete with plot twists, high stakes, and a few missing sandwiches. As if the UK retailer wasn’t already juggling enough with meal deals and fashion trends, they’ve now added “cyberattack recovery” to the menu. But hey, every setback is just a setup for a comeback, right? Let’s hope this tech transformation doesn’t end up being as elusive as the perfect-fitting pair of jeans!
Key Points:
– Marks & Spencer predicts a £300 million loss in operating profits due to a cyberattack.
– The retailer plans to mitigate this with insurance claims and strategic actions.
– M&S sees the attack as a chance to accelerate technological transformation.
– Online sales and some in-store operations have been heavily impacted.
– Despite the chaos, M&S reports a 22.2% increase in pre-tax profits compared to last year.