BREAKING NEWS Marks and Spencer say cyber attack will cost them £300MILLION and disrupt customers until July as NCA investigators say they are looking at British hackers Scattered Spider
Marks and Spencer has said disruption from a major cyber attack is expected to continue through to July and reduce operating profits by around £300million before action to offset the hit.
The company unveiled its financial performance for the past year in an update to the stock market this morning after the damaging cyber attack halted all online orders.
It is almost a month since the retailer was first impacted by a major 'cyber incident', with the National Crime Agency looking at links to hacking group Scattered Spider.
The British retail giant has paused online orders for the past three weeks as a result of the attack, while payments and click and collect orders were also impacted.
M&S saw availability in stores also knocked by the disruption, causing some empty shelves as it changed parts of its IT systems, but has said this is now recovering.
Customer personal data, which could have included names, email addresses, postal addresses and dates of birth, was taken by hackers in the attack.
Analysts at Barclays had previously suggested the attack could result in a £200million cost for the 2025/26 financial year but this was likely to be offset by an insurance payout of around £100million.
The attack knocked the business after a positive period under the leadership of Stuart Machin, with shares striking an almost nine-year high last month before a recent fall.
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