M&S in line for insurance payout of up to £100m after cyberattack
Marks & Spencer could claim £100 million on its insurance policy with Allianz after its operations were hit by a cyberattack.
The retailer's policy provides for a claim of an initial £10 million to cover losses from the attack and could see the group demand a payout of up to £100 million, according to the Financial Times.
Allianz is the first insurer liable under the possible claim and Beazley, an insurer that specialises in covering cyberattacks, is also exposed, the report said.
Marks & Spencer said on Wednesday that customers' personal data had been stolen in the hack, but not payment or card details or account passwords. The attack has crippled its online operation for more than three weeks, and the group was also facing
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