UK Companies Should Have to Disclose Major Cyberattacks, M&S Says

The UK's largest retailers and manufacturers are calling for greater transparency when it comes to cyberattacks. Marks & Spencer (M&S) is at the forefront of this push, with the company arguing that companies should be required to disclose major cyberattacks in order to help prevent future breaches.

"The current lack of transparency around cyber-attacks is a significant issue," said a spokesperson for M&S. "We believe that companies should be required to disclose major cyber-attacks in order to help prevent future breaches and protect consumers."

The idea of mandatory disclosure is being pushed by industry leaders who are concerned about the growing threat of cybercrime. According to the UK's National Cyber Security Centre, there were over 4,000 reported cybercrime incidents in the country last year alone.

"Cyber-attacks are becoming increasingly common and damaging," said a spokesperson for the National Retail Federation. "We need to see greater transparency around these attacks so that we can better understand how they occur and take steps to prevent them."

The push for mandatory disclosure is not just limited to the retail sector. The finance industry, which is also vulnerable to cybercrime, is also calling for greater transparency.

"We need to see more information about cyber-attacks in order to better understand how they occur and take steps to prevent them," said a spokesperson for the Financial Services Union. "Mandatory disclosure would be a significant step forward in this area."

The UK government has so far been reluctant to introduce mandatory disclosure requirements, but industry leaders are hopeful that pressure will eventually mount.

"We will continue to push for greater transparency around cyber-attacks," said the M&S spokesperson. "We believe that this is essential if we are going to stay one step ahead of these increasingly sophisticated threats."

In the meantime, companies are being left to navigate the complex and often opaque world of cybercrime on their own. This can lead to a lack of transparency and accountability, which can make it even harder for businesses to protect themselves.

"We need to see greater cooperation and coordination between businesses and regulatory bodies in order to better understand and prevent cyber-attacks," said the National Retail Federation spokesperson. "Mandatory disclosure would be a significant step forward in this area."