Cyber assault cripples retail establishments in the UK
In the heart of London's shopping district, the iconic Marks & Spencer (M&S) flagship store on Oxford Street continues to display the aftermath of a cyberattack that's been wreaking havoc since April 21. This unfortunate event has rippled through the over 1,000 M&S stores across the UK, leaving them scarred and struggling.
The retail giant has halted online orders and made in-store returns the only option, as their automated stock management systems have been deactivated[1]. Stores now nail beneath empty sections, a stark reminder of the chaos unleashed by this relentless cyber assault.
The ever-growing line at the customer service desk is a testament to customers seeking refunds for their purchases[1]. What's more, sources closer to the company reveal a lack of preparedness, as M&S had no pre-existing cyberattack or business continuity plan[1]. With staff working long hours, sometimes even sleeping in the office[1], it seems the impact on M&S employees is just as profound as on its operations.
As the cyberattack continues to unfold, the company is expected to take a few months to fully recover[1]. They plan to gradually bring services back online, prioritizing those critical to store operations and customer online services. At this stage, company officials have remained tight-lipped about the situation[1], with their focus seemingly on weathering the storm.
This cyber incident has already taken a financial toll, with estimates predicting a staggering £30 million (€35.4 million) in losses[2]. M&S's shares have plummeted by 12% since the Easter weekend.
As the M&S saga unfolds, it's worth a read about another significant cyberattack, this time targeting the UK Ministry of Defense[3]. Amidst the increasing threat landscape, it's crucial for companies to invest in robust cybersecurity measures to avoid falling prey to attacks such as these.
[1] Source: Insider Source[2] Source: German bank Deutsche Bank (reported by Reuters on May 2)[3] Enrichment: Also read | Cyberattack hits UK Ministry of Defense
- The unprecedented cyberattack on Marks & Spencer (M&S) in April has led to a significant financial loss of around £30 million (€35.4 million), as reported by German bank Deutsche Bank.
- A lack of preparedness is emerging as a concern, as M&S had no pre-existing cyberattack or business continuity plan, according to sources close to the company.
- In order to minimize the impact, M&S plans to gradually bring their services back online, prioritizing those critical to store operations and customer online services.
- The ongoing cyberattack on M&S has been a general news topic, parallel to a significant cyberattack targeting the UK Ministry of Defense.
- In the wake of these incidents, it's essential for businesses, like M&S, to ensure a strong focus on cybersecurity, particularly in the technology-driven business environment.
