M&S executive emphasizes the necessity of independent functioning without IT support
Marks & Spencer (M&S), the UK's iconic retailer, is currently in a rebuild phase after a high-profile cyberattack that disrupted its operations for several months. The attack, which was described as "traumatic" by M&S Chairman Archie Norman, cost the company around £300m and involved a criminal actor known as Scattered Spider.
The cyberattack was an unusual experience for M&S, marking the first time the company had faced such a targeted and sophisticated attack. Norman testified to UK MPs about the incident, detailing the impact it had on the business. Each week of disruption due to the attack is estimated to have cost M&S around £10m in lost profits.
The attack led to empty shelves in stores and limited online operations, causing a significant disruption to M&S's my business. A third of M&S's business is conducted online, and the attack highlighted the vulnerabilities that come with operating in the digital age.
The cyber team at M&S worked tirelessly around the clock during the attack, with no sleep spared in an attempt to contain the damage. Norman praised the efforts of the team, stating that they worked "heroically" to minimise the impact of the attack.
The cyber gang responsible for the attack, Scattered Spider, is known for its sophisticated and targeted attacks on a range of businesses. The attack on M&S was no exception, with the gang using advanced techniques to infiltrate the company's systems.
The attack has prompted M&S to review its cybersecurity measures and invest in new technologies to protect against future attacks. Norman has also called on the government to do more to support businesses in the face of cyber threats, stating that the attack was a "wake-up call" for the industry.
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