Giant Retailer To Lose $403,000,000 After ‘Highly Sophisticated and Targeted’ Cyberattack Exposes Sensitive Customer Data

In a shocking revelation, British retail giant Marks & Spencer (M&S) has announced that it will suffer significant financial losses due to a sophisticated cyberattack. The company's latest update to investors reveals that the cyberattack is expected to reduce profits by a staggering $403 million in the fiscal year 2025-2026 operating budget.

The breach, which was discovered on April 22nd, allowed cybercriminals to obtain sensitive personal information from M&S' customers, including contact details, date of birth, and online order history. The incident has been described as "highly sophisticated and targeted," suggesting that the attackers were well-equipped and motivated.

Despite the severity of the breach, M&S has expressed its commitment to serving its customers and has taken proactive measures to minimize disruption. The company's team has worked tirelessly around the clock with suppliers and partners to contain the incident and stabilize operations.

In Fashion, Home and Beauty, online sales and trading profit have been heavily impacted by the necessary decision to pause online shopping, however stores have remained resilient. M&S expects online disruption to continue throughout June and into July as they restart and ramp up operations.

The cyberattack appears to be connected with a broader operation by a hacking group known as "DragonForce," which has also claimed responsibility for breaching the Co-op Food grocery chain in the UK. This connection highlights the growing threat of sophisticated cyberattacks, which can have far-reaching consequences for businesses and customers alike.

As investors await further updates on M&S' financial performance, it remains to be seen how the company will mitigate the effects of this breach. With a large customer base and significant revenue streams at stake, M&S will need to take swift and decisive action to restore confidence in its operations and protect its customers' sensitive data.

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