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M&S and Co-op hacks publicly defined as a single attack - and could cost more than £400 million
- The Cyber Monitoring Centre (CMC) considers the recent cyberattacks on M&S and Co-op as a single combined event by the attacker named Scattered Spider.
- The attacks are estimated to have a financial impact of between £270 million to £440 million on both firms.
- The disruption costs are mainly driven by business disruption, impacting not just the retailers but also their suppliers and partners.
- M&S and Co-op faced business disruption, data loss, and incurred costs for incident response and IT rebuild.
- The wider cost analysis includes the impacts on partners, suppliers, and other entities.
- The attack on Harrods, another major UK retailer, has not been included due to insufficient information about the cause and impact.
- M&S reported the attack on April 22 which may cost them around £300 million in lost operating profit.
- M&S has not confirmed paying a ransom to the hackers but admitted some customer data was stolen, excluding sensitive payment details.
- Customers concerned about data exposure are advised to check using dark web monitoring services or breach monitors like Have I Been Pwned.
- The mystery of the M&S hack has deepened, with TCS claiming none of its systems were compromised.
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