Cyber attacks against M&S and Co-op earlier this year caused losses estimated between £270 million and £440 million, according to the Cyber Monitoring Centre. These attacks, attributed to the hackers known as "Scattered Spider," led M&S to suspend online sales and Co-op to shut down parts of its IT system to mitigate damage. While both companies faced data loss and high incident response costs, it was noted that the business disruption constituted the majority of the financial impact. Despite these challenges, M&S resumed limited online sales after weeks of recovery efforts, projecting costs related to the incident to be around £300 million for the year.
"Although both of the targeted companies suffered business disruption, data loss, and costs for incident response and IT rebuild, business disruption drives the vast majority of the financial cost."
"This is less than the total loss in turnover as it takes into account reductions in orders, stock that can be resold later, and not having to pay other variable costs."
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