Britain’s M&S says cyberattack to cost $400 million

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Britain’s M&S says cyberattack to cost $400 million

STORY: The recent cyber attack on Marks & Spencer will cost the firm around $403 million in operating profit.

That was the line from the British retailer Wednesday (May 21).

It called the attack ‘highly sophisticated’ and said disruption could run into July.

M&S is one of the biggest names in Britain and the incident shocked the retail sector.

It forced its online clothing operation offline and left some food shelves bare.

It also wiped billions of dollars from the company’s stock market value.

M&S said its food division had been hit by reduced availability and higher costs due to waste and logistics.

Its fashion, home and beauty division was also hurt by the decision to pause online shopping.

Chief Executive Stuart Machin said the attack was the result of ‘human error,’ and couldn’t comment on whether the retailer had paid a ransom.

M&S revealed the attack on April 22.

It stopped taking clothing and home orders through its website and app three days later.

It said last week that some personal customer information was also stolen in the hack.

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