Lucy Hooker and Imran Rahman-Jones, reporters covering business and technology, revealed that Co-op is anticipating a return to normal stock levels on shelves this weekend. This positive development comes after the company made the decision to reactivate its online ordering system for suppliers following a cyber-attack that resulted in payment issues, widespread product shortages, and the compromise of customer and staff data.
The cyber criminals behind the attack, utilizing the services of DragonForce, also claim responsibility for a similar incident involving Marks and Spencer (M&S), as well as an attempted hack on Harrods. Co-op has taken a cautious approach to bringing its systems back online, doing so gradually and in a controlled manner to ensure the safety and security of its operations.
This month, cyber criminals breached Co-op’s IT networks, aiming to extort money from the grocery chain. To mitigate the impact of the attack, the company had no choice but to shut down certain IT systems, including segments of its supply chain and logistic operations, causing significant disruptions to deliveries. Images shared by shoppers depict barren store shelves and refrigerators, a particular concern in rural areas where Co-op serves as the primary food retailer.
Despite the company’s efforts to collaborate with its suppliers in restocking merchandise and improving in-store and online availability, the aftermath of the cyber-attack will continue to burden Co-op for the foreseeable future. Cybersecurity expert Prof Oli Buckley from Loughborough University emphasized that the reputational damage from such an incident can be enduring. While the company’s recovery endeavors may help alleviate some concerns, rebuilding trust with customers presents a more formidable challenge. Additionally, the financial repercussions of recovery costs and security system upgrades are likely to have a lasting impact on Co-op’s financial health
Read the full article from The BBC here: Read More
