Britain’s Marks & Spencer says cyberattack to cost $400 million

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British retailer Marks & Spencer said on Wednesday a “highly sophisticated and targeted cyberattack” would cost it about 300 million pounds ($403 million) in operating profit, with disruption set to run into July.

The attack on one of the biggest names in Britain, with 64,000 staff and 565 stores, has shocked the retail sector.


It forced M&S’ online clothing operation offline, left some food shelves bare, and wiped over a billion pounds from the company’s stock market value.


M&S, which was trading strongly before the hack, said online disruption in…



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Britain’s Marks & Spencer says cyberattack to cost $400 million


British retailer Marks & Spencer said on Wednesday a “highly sophisticated and targeted cyberattack” would cost it about 300 million pounds ($403 million) in operating profit, with disruption set to run into July.

The attack on one of the biggest names in Britain, with 64,000 staff and 565 stores, has shocked the retail sector.


It forced M&S’ online clothing operation offline, left some food shelves bare, and wiped over a billion pounds from the company’s stock market value.


M&S, which was trading strongly before the hack, said online disruption in…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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