M&S Shares Plummet 15% After Major Cyberattack
Marks and Spencer Group Plc (M&S) has suffered a significant cyberattack, leading to a 15% drop in its shares. The hack, which occurred in April, has resulted in substantial disruption and a projected £300 million ($408 million) hit to operating profit.
The cyberattack on M&S was carried out by hackers impersonating a third-party user. They gained access to the company's systems on April 17 and were detected two days later. The incident caused significant disruption to M&S's operations, with the cyber team working diligently to address the issue.
M&S is collaborating with law enforcement, including the National Crime Agency and the FBI, to investigate the attack. The company was one of several businesses targeted by cyberattacks in April, including the Co-op Group supermarket and Harrods. M&S expects to receive substantial recovery from an insurance claim, but the process could take up to 18 months.
Initially, the cybercrime gang 'DragonForce' claimed responsibility for the attack on M&S. However, it was later revealed that the attack was carried out by the cybergang 'Scattered Spider'. Four individuals associated with the group have been arrested in connection to the attacks.
The cyberattack on M&S has resulted in a substantial financial impact and operational disruption. The company is working with law enforcement to investigate the attack and expects to receive insurance recovery, although the process may take some time.
Read also:
- Saudi Arabia's TASI Surges Past 11,000, Leading Gulf Equities Rally
- TikTok's deal negotiations continue following a conversation between Xi and Trump
- Trump announces agreement with Chinese authorities on TikTok deal
- Quantum Computing Market in the Automotive Sector Forecast to Expand to $6,462.13 Million by 2034
