Cyberstorm Hits M&S: A Retail Giant Struggles with Prolonged Digital Attack

Marks & Spencer faces a second week of halted online sales after a significant cyberattack, impacting its stock market value by 700 million pounds. The attack highlights the vulnerability of major businesses to sophisticated digital threats, prompting increased security measures across the retail sector.

Marks & Spencer, a prominent name in British retail, is grappling with the fallout of a massive cyberattack that has thrown its online operations into disarray for a second consecutive week. This disruption occurs amidst rising temperatures and the launch of new season ranges, significantly affecting sales.

Since the breach surfaced, approximately 700 million pounds ($930 million) has been erased from M&S's market value. The incident, accompanied by smaller-scale attacks on retailers like the Co-op Group and Harrods, underscores a growing cyber threat landscape, as noted by the National Cyber Security Centre.

M&S, established 141 years ago and a well-known British business, ceased online sales on April 25 after cyber issues disrupted services over Easter. While the company's precise financial impact remains undisclosed, analysts anticipate inevitable short-term profit losses. Shoppers remain locked out of their accounts as efforts to restore ordered operations continue.

(With inputs from agencies.)