A major cyberattack has hit Marks & Spencer (M&S), one of the UK’s most recognized retailers, leaving the company struggling to restore its online shopping services. This attack, which occurred about a month ago, has already cost M&S over £60 million (around $80 million) in lost profits, and its stock market value has dropped by more than £1 billion.
M&S has decided to focus on safety rather than speed in restoring its online services. While customers have shown a willingness to shop in stores, the company is concerned that patience might wear thin as online orders remain unavailable. A spokesperson for M&S has not provided details about when online shopping will resume.
The cyberattack, disclosed on April 22, forced M&S to halt clothing and home orders via its website and app just three days later. It was revealed that some personal customer information was stolen during the attack. Analysts believe M&S fell victim to a ransomware attack, with reports suggesting that the hacker group Scattered Spider, linked to DragonForce, was responsible. M&S has been advised against paying any ransom.
As M&S works to restore its systems, some products have become unavailable in stores. However, the company reported improvements in food availability as its stock forecasting system was restored. Cybersecurity experts have commended M&S for taking the time to ensure a thorough recovery.
The impact of the attack extends beyond lost sales. Employees have worked hard to keep the business running, but morale may suffer without clear communication from management about when normal operations will resume. Analysts predict that M&S could lose around £68 million in online orders, with further losses expected if the online platform remains down.
The situation has raised concerns among other retailers, who are now reviewing their security measures. Industry experts warn that if such an incident can happen to a well-established company like M&S, it could happen to any business. As the crisis continues, M&S faces not only financial losses but also the risk of long-term damage to its brand reputation.