As Marks & Spencer (M&S) deals with a significant cyber attack that has halted online orders, the article sheds light on how emerging cyber laws aim to bolster businesses against such threats.
The Cyber Attack
M&S experienced a cyber incident, forcing them to pause their online retail services. This disruption follows similar incidents that have impacted other major retailers, including Morrisons and Barclays, highlighting a troubling trend affecting both sales and brand reputation.
New Cyber Laws
The introduction of the Cyber Security and Resilience (CS&R) Bill, announced in the King’s Speech of July 2024, aims to strengthen the UK’s cyber defences. While the bill is yet to be tabled in Parliament, outlines suggest it will address vulnerabilities and enhance resilience across various sectors.
Why do we need the Bill?
The current legislative framework is outdated, largely rooted in the Network and Information Systems Regulations 2018. The new bill aims to align UK cybersecurity measures with more modern standards, ensuring better protection for both private and public sectors.
What will the Bill achieve?
- The Bill will expand regulatory coverage to include Managed Service Providers and crucial suppliers.
- It introduces stronger security and compliance requirements across sectors.
- There will be enhanced powers for regulators to escalate reporting standards for cyber incidents.
- The framework aims to remain flexible to adapt to the rapidly evolving landscape of cyber threats.
- New strategic priorities for regulators will be introduced alongside data centre regulations.
NCSC Views
The National Cyber Security Centre has welcomed these proposals, recognising the potential they hold for significantly improving the UK’s cybersecurity landscape.
Why should I read this?
This article provides a timely and crucial overview of the threats posed by cyber attacks in today’s digital economy. With M&S at the forefront of this issue, understanding the unfolding regulations can benefit not just businesses but consumers too. It’s a must-read if you’re keen to stay informed about what might impact your shopping experience and the broader implications on market stability.