Cyberattack halved Marks & Spencer profits

The cyberattack on Marks & Spencer, which shut down the online store for over a month, will have cost the British department store chain around 160 million euros. As a result, profits will more than halve this year. This is a serious blow to the chain, which was just getting back on track.

Profits halved, growth evaporated

M&S expects the direct costs of last spring’s cyberattack to amount to 136 million pounds (160 million euros). From late April to early June, the chain was unable to provide any e-commerce services; click & collect did not even start again until August. A group of mainly Russian hackers is believed to be behind the attack.