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The financial impact of Marks & Spencer and Co-op cyberattacks could reach £440M
- The Cyber Monitoring Centre (CMC) has categorized cyberattacks on Marks & Spencer and Co-op as a Category 2 event, with estimated financial losses between £270M and £440M.
- Hackers named DragonForce claimed responsibility for the Co-op attack, accessing data of current and past members.
- Co-op initially denied customer data compromise but later confirmed data breach.
- DragonForce also targeted M&S and confessed to trying to hack Harrods, accessing staff and customer data.
- The attack exposed personal details of Co-op members but did not include sensitive information like passwords or financial data.
- DragonForce is known for ransomware attacks, data theft, and running a cybercrime affiliate service.
- The CMC linked M&S and Co-op attacks due to shared timing and threat actor, estimating total financial impact at £270M–£440M.
- The attacks caused major business disruption and financial consequences for M&S and Co-op.
- Estimated costs include legal fees, business interruption, incident response, and IT restoration for both companies.
- M&S anticipates a £300M impact, with significant declines in online sales and consumer spending.
- The incidents emphasized the vulnerability of retail supply chains and the importance of crisis preparedness and cyber resilience.
- CMC stresses the need for stress-testing crisis plans, financial resilience, enhanced cyber hygiene, and access control improvement.
- Clear crisis communication and robust recovery capabilities are essential during cyber incidents.
- CMC aims to enhance cyber readiness through collaboration and transparency.
- The financial impact of the M&S and Co-op cyberattacks highlights the widespread repercussions of cyber incidents in the retail sector.
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