Markets Slump as Marks & Spencer Confirms Hackers Stole Customers' Personal Data

Marks & Spencer, one of the UK's largest retailers, has confirmed that hackers stole customers' personal information during a cyberattack last month.

The news came in a brief statement with London's stock exchange on Tuesday, which revealed that an unspecified amount of customer information was taken in the data breach. The details of the stolen data include customer names, dates of birth, home and email addresses, phone numbers, household information, and online order histories.

Markets reacted sharply to the news, with shares falling by over 4% after the announcement. However, the real impact of the hack is only beginning to be felt, as the company prepares to make a claim for losses against its cyber insurers.

The UK retailer's cyber policy allows it to claim up to $133 million in losses, according to people familiar with the situation. Allianz is set to pay at least the initial $13.3 million, while Cyber specialist Beazley is also among the insurers exposed to losses at Marks & Spencer.

Markets are on edge as investors worry about the potential impact of this data breach on customer trust and sales. The company's online account passwords have been reset in an effort to mitigate any further damage.

The news raises questions about the effectiveness of companies' cyber insurance policies, which were designed to protect against exactly such events. Will Marks & Spencer's $133 million payout be enough to cover the full extent of its losses?

What You Need to Know

  • Marks & Spencer has confirmed that hackers stole customers' personal information during a cyberattack last month.
  • The stolen data includes customer names, dates of birth, home and email addresses, phone numbers, household information, and online order histories.
  • The company's cyber policy allows it to claim up to $133 million in losses.
  • Allianz is set to pay at least the initial $13.3 million, while Cyber specialist Beazley is also among the insurers exposed to losses at Marks & Spencer.

This is a developing story, and we will continue to provide updates as more information becomes available.