Summary
Marks & Spencer (M&S) has revealed that a cyber attack has severely disrupted its online sales, predicting a loss of around £300 million in annual profits due to this incident. The attack has forced the retailer to pause online orders and has had a significant impact on its stock market value, dropping by over £1 billion. M&S is now focusing on recovery and improving its operational resilience through infrastructure investments.
Key Points
- The cyber attack has paralysed M&S’s online clothing sales since April 25 and may cost the company around £300 million in profits.
- The company’s stock market value has declined by more than £1 billion since the incident was disclosed.
- M&S is using this disruption to accelerate its investment in upgrading technology and infrastructure.
- Online sales were critical for M&S, with over nine million active customers before the attack.
- The incident is part of a broader trend, with increased ransomware attacks targeting UK retailers.
Why should I read this?
If you’re interested in how big companies like M&S are grappling with the rising threat of cyber attacks, then this piece is a must-read. It’s not just about profits; it’s a sneak peek into the challenges retailers face in a digital age and how they’re planning to bounce back stronger. Plus, if you’ve been shopping online, you might want to know how these disruptions could affect your experience in the future!