Marks & Spencer experienced a traumatic cyber attack believed to be orchestrated by the hacking group Scattered Spider and the ransomware operation DragonForce. The incident began in late April and resulted in over six weeks of inability to take online orders. The estimated cost in lost profits is around 300 million, with the company expecting to recover approximately half through various measures. Chairman Archie Norman described the event as an 'out-of-body experience' and highlighted that the company is still working in rebuild mode after the attack.
The cyber attack on Marks & Spencer, attributed to Scattered Spider and DragonForce, severely disrupted operations and cost an estimated 300 million in lost profits.
Archie Norman described the cyber attack as 'traumatic' and compared the experience to an 'out-of-body experience', emphasizing the lasting impact on the company's operations.
M&S faced challenges post-attack, being unable to process online orders for over six weeks, and is still in 'rebuild mode'.
The company anticipates recovering half of the lost profits through cost management strategies and insurance measures.
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