Marks & Spencer warned on Wednesday that the recent cyberattack on its online services would affect the store’s online services until July, and that it could lose up to$ 300 million as a result. The English high street giant added that the incident’s aftermath may have a significant impact on both its business and revenue in the coming weeks. Online selling and buying profit in the categories of clothing, home, and elegance were significantly impacted by the necessity to stop online shopping, but stores have remained resilient, the company said in a statement released by AFP. The business made it known last week that some of its customers had been stealing personal information as a result of the cyberattack. The company further stated that it anticipated “online disruption to continue throughout June and into July as we restart, then ramp up operations.” The ransomware attack forced M&, S to suspend online sales, contactless in-store payments, and even its hiring systems. The retailer assured customers that no “usable” payment or card details, or account passwords, were accessed, but acknowledged that compromised data may include names, birthdates, home addresses, and phone numbers. Despite the difficulties, Marks reported a financial year that ended in March that ended in a £985 million profit before adjustments. However, it estimated that the cyberattack’s effects on full-year group operating profit would be around £300 million. Cost management, insurance recovery, and other commercial actions are anticipated to partially offset that figure. In early trading following the announcement, shares of the company dropped 2.5 %. Law enforcement and relevant government officials have been informed of the incident. Marks & Spencer is just one of a number of British retailers being targeted by cybercriminals in recent weeks, with Co-op food chains and luxury department stores reporting high-profile breaches as well.
