M&S Battles £300m Ransomware Chaos: Fashionably Late to Cybersecurity?
Marks & Spencer estimates its cyber-incident will cost around £300m, mostly from lost sales, as online orders are suspended. M&S vows this ransomware “bump” won’t derail its growth, promising to exit stronger. Meanwhile, the Scattered Spider group seems to have spun a costly web for the retailer.
Hot Take:
Ransomware attacks are the financial equivalent of turning your wallet inside out and giving it a good shake over a storm drain. Marks & Spencer is currently learning this the hard way, as they deal with a cyber mishap that’s more costly than an overbooked wedding caterer. But fear not! M&S is on a mission to transform this cyber-calamity into an opportunity to bolster their defenses, proving once again that when life gives you lemons, you build a better lemonade stand with state-of-the-art cyber security!
Key Points:
- M&S estimates cyber-incident costs at £300m ($400m), primarily from lost sales.
- Online orders are suspended, with expected resumption in July.
- Ransomware attack impacts fashion, home, beauty, and food sales.
- Customer personal details have been compromised, increasing fraud risk.
- M&S plans to upgrade infrastructure to improve resilience and minimize future risks.