Marks & Spencer has revealed that a sophisticated cyberattack, first reported around Easter, will cost the retailer approximately £300 million. This disruption has severely impacted its ability to process online orders, forcing the company to revert to manual processes. The attack, which affected stock systems, left shelves empty and frustrated customers, while also leading to a significant drop in the company's stock market value. M&S hopes to mitigate losses through insurance and proactive recovery measures, despite the unfortunate timing following a turnaround strategy.
"The attack on one of the biggest names on the United Kingdom high street forced M&S to resort to pen and paper to move billions of pounds of fresh food, drinks and clothing after it switched off its automated stock systems."
"Chairman Archie Norman said the timing of the attack was unfortunate as M&S, which has been implementing a comprehensive turnaround plan since 2022, had been starting to show its full potential."
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