"M&S is preparing to mitigate an estimated £300 million loss due to a cyberattack, impacting its operating profits for the financial year 2025/26."
"Despite the cyberattack's disruption, M&S CEO Stuart Machin emphasized the company's ongoing strategy for growth and resilience in the face of adversity."
Marks & Spencer has announced that its ongoing cyberattack is expected to result in a £300 million ($402 million) reduction in operating profits for the financial year 2025/26. The company plans to seek up to £100 million in cyber insurance claims while implementing cost mitigations. CEO Stuart Machin stated that despite challenges, M&S is focused on recovery and growth, looking to use the incident as an opportunity for technical transformation. Further details regarding the total costs are to be disclosed later.
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