Marks & Spencer Faces £300 Million Profit Hit Following Ransomware Attack

Keypoints

• Marks & Spencer experienced a ransomware attack that affected its online operations and sales channels.
• The breach was linked to the ransomware group Scattered Spider, which used social engineering tactics.
• Customer personal data, including names and birth dates, were compromised through a third-party contractor.
• The company adopted manual processes in stores, increasing operational costs and reducing product availability.
• Despite the attack, M&S reported strong financial performance but faced a decline in market value and market capitalization.