Markets & Spencer Still Offline After Cyberattack: A £1 Billion Hit

It's been three weeks since Marks & Spencer (M&S) suffered a devastating cyberattack, leaving the retailer reeling from a £1 billion drop in market capitalization. Despite efforts to contain the breach, online orders remain suspended, and customers are still waiting for the website and app to be restored. In this article, we'll delve into the details of the attack, its impact on M&S, and what's being done to secure the company's systems.

The cyberattack, which occurred in late March, is believed to have been carried out by a group using a known cybercrime service called DragonForce. This group is associated with a method known as double extortion, where hackers steal data and then encrypt it to pressure victims into paying a ransom. Fortunately, M&S acted quickly to contain the breach, working closely with cybersecurity experts and notifying relevant authorities.

However, the attack has had far-reaching consequences for the company. Its market capitalization plummeted by around £1 billion since the incident, and while in-store shopping and contactless payments have resumed, the website and app are still offline for ordering. Customers have been emailed about the incident, and are being prompted to reset their passwords as a precaution.

According to M&S, some customer data was stolen during the breach, including names, addresses, phone numbers, dates of birth, and order histories. However, the company has confirmed that no account passwords or usable payment details were exposed. Despite this, experts note that there is still a risk of future exposure or sale of the stolen data on the darknet platform used by DragonForce.

The impact of the attack on M&S has been visible, both in terms of its market capitalization and its customer base. The company's most recent annual report listed 9.4 million active online users, but it remains unclear how many individuals were affected by the breach. Other UK retailers have also fallen victim to similar cyberattacks in recent weeks, including Co-op and Harrods.

Co-op, which experienced a similar incident, is reportedly closer to resuming online operations for its suppliers. M&S has apologized for the disruption and reassured customers that steps are being taken to secure systems. However, despite these efforts, it remains unclear when full online functionality will return.

A New Reality for Online Shopping

The cyberattack on M&S highlights the growing threat of cybercrime in the retail industry. As online shopping becomes increasingly popular, retailers must prioritize cybersecurity to protect their customers' data and maintain trust in their brands.

With the rise of digital payments and online ordering, the stakes have never been higher for retailers. One wrong move can result in a significant loss of market capitalization, damage to customer loyalty, and even reputational harm. As such, it's essential that retailers invest in robust cybersecurity measures to prevent similar incidents in the future.

Avoiding Identity Theft: A Crucial Step

With your personal data exposed during the M&S cyberattack, it's essential to take steps to protect yourself from identity theft. By investing in a reputable security solution like Aura, you can safeguard your digital identity and prevent potential threats.

Aura offers a range of features, including password management, VPN protection, and antivirus software. With its upfront pricing and simplicity, it's an attractive option for individuals looking to boost their online security. As a TechRadar reader, you can enjoy up to 68% off identity theft protection with Aura.

Don't wait until it's too late – protect yourself today with a top-notch security solution like Aura. With the growing threat of cybercrime, it's essential to stay vigilant and take proactive steps to safeguard your digital identity.