Clothes-to-food retailer Marks and Spencer on Wednesday said a cyberattack affecting its online service will last through to July, and cost the group £300 million (N642 billion).
A wave of cyberattacks has hit British retailers in recent weeks, including luxury department store Harrods and the Co-op food chain.
“In Fashion, Home & Beauty, online sales and trading profit have been heavily impacted by the necessary decision to pause online shopping, however, stores have remained resilient
“We expect online disruption to continue throughout June and into July as we restart, then ramp up operations”, Marks said in a statement.
Marks last week revealed that some personal data of its customers had been stolen in a cyberattack that has crippled its online services for weeks.
The impact on annual group operating profit is estimated at “around £300 million… which will be reduced through management of costs, insurance and other trading actions”, the retailer added.
The news came as Marks on Wednesday reported operating profit before adjusting items of £985 million for its financial year to the end of March, AFP reports.
Following the update, its share price dropped 2.5 per cent at the start of trading in London.
Group operations have since Easter been hampered by a ransomware sting which forced the retailer to suspend online sales, contactless payments in-store and even recruiting operations.
Marks said information stolen could include names, dates of birth, home addresses and telephone numbers. However, it did not include “usable payment or card details” or account passwords
The company has reported the incident to relevant government authorities and law enforcement.
-Advertisement-
Grab our latest Magazine, "Ayodele Akintunde, SAN: Legal Titan Celebrates and Reflects on His Life Journey.". Get your order fast and stress free.
For more details about Newswire Law&Events Magazine, kindly reach out to us on 08039218044, 09070309355. Email: newswiremagazine@yahoo.co.uk. You will be glad you did
