Marks & Spencer issues online shopping update following ‘damaging’ cyber attack
M&S still working to put cyber attack ‘behind us’
- Marks & Spencer suffered a "damaging" cyber attack in April, which forced the suspension of its online operations and resulted in the theft of personal customer data.
- The breach, attributed to "human error," is expected to cost the high street giant approximately £300 million.
- CEO Stuart Machin anticipates that M&S's online operations will be fully restored within the next four weeks, with the majority of the attack's impact resolved by August.
- While online sales for certain fashion and home ranges have partially resumed, services like click and collect and next-day delivery are still being reinstated.
- Chairman Archie Norman stated that executive pay deals, including CEO Machin's recent 39 per cent increase to £7.1 million, could be impacted by any financial performance drop caused by the cyber attack.