M&S Cyberattack Costs £300M, UK Tightens Laws

M&S Cyberattack Costs £300M; UK to Tighten Cybersecurity Laws

Marks & Spencer (M&S) has revealed that a cyber incident in April caused significant disruption until July. Meanwhile, the US government plans to introduce new cybersecurity laws, following recent high-profile attacks.

The cyberattack on M&S is estimated to have cost the company around £300 million ($395 million) in lost profits. During this period, rival retailers with a strong online presence, such as Zara and H&M, saw a boost in sales.

Earlier this year, Jaguar Land Rover (JLR) also fell victim to a cyberattack, resulting in a staggering £1.9 billion ($2.5 billion) loss to the US economy. This incident has raised concerns among opposition lawmakers about the lack of robust cybersecurity laws in the US. The government has responded by announcing plans to introduce the Cyber Security and Resilience Bill to Congress this year.

Despite the challenges faced by M&S, Next has reported a surge in sales, increasing its profit guidance by £30 million ($39.5 million). The retailer credits favorable weather conditions and competitor disruption for its sales overperformance.

The recent cyber incidents at M&S and JLR have highlighted the need for stronger cybersecurity laws in the US. While M&S anticipates a significant hit to its annual profits, Next has seen a boost in sales. The government's planned Cyber Security and Resilience Bill aims to address these growing concerns and protect businesses and the US economy from future cyber threats.