Marks & Spencer has revealed it is facing a significant profit hit due to a cyber attack that left its online sales crippled for nearly two months last Easter. The attack, which occurred in April 2023, resulted in the retailer being unable to sell online, forcing some customers to turn to rival Next.
According to reports, the cyber attack could cost Marks & Spencer up to £270 million in lost revenue. This is a significant blow to the retailer, which has been working to improve its online sales in recent years.
The attack is believed to have been carried out by hackers, who gained access to Marks & Spencer's website and online platform. As a result, the retailer was forced to shut down its online sales, leading to a significant loss of business.
The impact of the cyber attack is not limited to lost sales, but also includes the cost of repairing and rebuilding the retailer's online systems. Marks & Spencer has stated that it is working to resolve the issue as quickly as possible, but the exact cost of the repairs is not yet clear.
The UK's National Cyber Security Centre (NCSC) has been working with Marks & Spencer to investigate the attack and prevent similar incidents in the future. The NCSC has stated that it is committed to helping businesses protect themselves against cyber threats.