Marks & Spencer may file a claim for up to £100 million due to a recent cyberattack that impacted its online services, sales, and store inventory. The incident raises concerns about the effectiveness of business continuity plans and the role of cyber insurance in recovery efforts.
Affected: Marks & Spencer, UK retail sector, potentially other retail and financial systems.
Affected: Marks & Spencer, UK retail sector, potentially other retail and financial systems.
Keypoints
- Marks & Spencer is considering a cyber insurance claim of up to £100 million following a cyberattack.
- The attack has disrupted online shopping, affected customer data, and caused stock shortages at stores.
- The incident potentially resulted in over £60 million in losses from lost online sales alone.
- Cyber insurance policies cover both response costs and lost gross profits, which can be substantial for large companies.
- The effectiveness of M&S’s business continuity plans and security measures are under scrutiny, with concerns about their preparedness for such attacks.
Read More: https://therecord.media/british-retailer-marks-spencer-insurance