M&S cyber attack: What we know about it and the impact it's having

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The turmoil continues for Marks & Spencer as the retailer grapples with the aftermath of a cyber attack that has disrupted its operations. The company remains focused on resolving the issue that led to the shutdown of its online services. Despite the sunny weather, the dark clouds of the cyber attack loom over M&S.

Online orders remain on hold as M&S works tirelessly to address the cyber incident that has impacted its systems. Customers have faced challenges with Click & Collect and contactless payments, leading to the suspension of online orders. While some services have resumed, the timeline for when online orders will resume remains uncertain.

The cyber attack, identified as a ransomware attack, has affected not only M&S but also other retailers like the Co-Op and Harrods. The group behind the attack, known as “DragonForce,” operates a cyber crime service that enables widespread attacks and extortions. The National Cyber Security Centre and Metropolitan Police are actively involved in investigating the situation.

The financial implications of the cyber attack are significant for M&S, with its share price declining and substantial revenue losses. The disruption has impacted a third of M&S’s clothing and home sales, prompting customers to seek alternative shopping options. Despite the challenges, the retailer’s reputation remains intact, with customers showing understanding and patience during this trying time.

Suppliers, including well-known companies like Greencore and Nails Inc, have also felt the impact of the cyber attack. The disruption in supply chains has forced suppliers to resort to manual processes and adjust their operations to accommodate the challenges posed by the cyber incident. As M&S navigates through the crisis, maintaining transparency and open communication will be crucial in rebuilding consumer trust and mitigating reputational damage

Read the full article from The BBC here: Read More

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