Summary
Marks & Spencer (M&S) is set to lodge a staggering £100 million claim with its cyber insurers following a major cyber attack that compromised personal customer data over Easter 2025. The attack, which has severely impacted M&S’s digital capabilities, resulted in the theft of sensitive information, although customers’ payment details remain secure. Since announcing the breach, M&S’s share price has plummeted by 16%, wiping £1.3 billion off its market cap.
The key insurers involved include Allianz, expected to cover at least £10 million, and Beazley. Other major retailers like the Co-op and Harrods have also reported similar cyber incidents attributed to a hacker group called Scattered Spider, known for employing social engineering tactics.
Key Points
- M&S to claim £100 million from insurers due to a significant data breach.
- Personal data stolen includes contact details and order history; payment details are unaffected.
- Allianz and Beazley are the principal insurers linked to M&S’s claim.
- The attack has resulted in a 16% decline in M&S’s share price, equating to a £1.3 billion loss.
- Scattered Spider has been linked to various high-profile attacks using advanced social engineering tactics.
- Cyber attacks in the UK cost businesses £44 million in lost revenue over five years, affecting over half of UK firms.
Why should I read this?
This article delves into a significant issue affecting not just M&S, but the wider retail landscape in the UK. With prominent retailers facing increasing threats from sophisticated cybercriminals, understanding this incident is crucial for anyone interested in cybersecurity trends or the retail sector’s economic health. Plus, it’s a eye-opener on the importance of securing personal data in today’s digital age. We’ve done the digging for you, so you can stay updated without the hassle!