Displaying items by tag: retail crisis

Marks & Spencer has confirmed that a major cyber attack will cost the company around £300 million, following significant disruption to its operations. The breach, traced to third-party access caused by 'human error’, has impacted contactless payments, online orders, and in-store stock availability. Almost a month on, M&S is still unable to process online orders in its fashion, home, and beauty departments - losing an estimated £3.5 million per day in sales. Chief executive Stuart Machin stressed that the company had not underinvested in security, noting that other retailers such as Harrods and the Co-op have also faced similar attacks. The breach has also resulted in customer data theft, though no payment details or passwords were compromised. The Government has called the recent wave of cyber attacks a 'wake-up call' for UK industry, warning of the need for greater resilience amid growing digital threats.