Major British Retailer Marks & Spencer Suffers $400 Million Loss Due to Cyberattack
Massive Financial Setback for Retail Giant: Sensitive Customer Information Exposed in Complex, Coordinated Cyberassault, Costing $403,000,000
A major cyberattack has disrupted the operations of popular British retailer Marks & Spencer (M&S), causing significant financial losses and data breaches for the company. In a new statement to investors, M&S predicts that the cyberattack will result in a decrease of around $403 million in profits for the fiscal year 2025-2026, excluding any cost mitigation, insurance, and trading actions.
According to M&S CEO Stuart Machin, the company has been managing a sophisticated and targeted cyberattack, which caused a brief period of disruption to their business. Machin praised the efforts of his team, stating that they have worked tirelessly with suppliers and partners to contain the incident and stabilize operations, with the goal of minimizing the disruption for customers.
The cyberattack has resulted in the temporary suspension of online shopping and disruptions in in-store services such as contactless payments. Additionally, customers' sensitive personal information was accessed during the attack, including contact details, date of birth, and online order history. The cyberattack was first announced by M&S on April 22nd, and disruptions may continue for another two months.
The M&S cyberattack appears to be connected to a wider operation by the hacking group known as "DragonForce," which has also reportedly claimed responsibility for a breach of the Co-op Food grocery chain in the UK.
In response to the attack, M&S shares have seen a decline of 4%, and were down 10% from the time of the announcement. The company originally assured customers that no data was compromised, but later confirmed that some personal information was stolen.
As M&S continues to navigate this significant challenge, the cyberattack brings into focus the growing importance of cybersecurity in the retail industry and the potential consequences of data breaches for both companies and consumers.
[Reference Links][1] https://www.cnbc.com/2025/05/23/marks-and-spencer-says-cyber-attack-will-cut-its-profits-by-403-million.html[2] https://www.bbc.co.uk/news/business-60961709[3] https://www.reuters.com/business/retail-consumer/marks-spencer-to-take-403-m-hit-after-cyber-attack-2025-05-22/[4] https://www.morningstar.co.uk/uk/news/1205506/marks-spencer-says-cyber-attack-will-cut-its-profits[5] https://www.independent.co.uk/business/news/marks-and-spencer-cyber-attack-results-10-fall-in-share-price-b955124.html[6] https://www.theguardian.com/business/2025/may/23/marks-and-spencer-suffers-400m-hit-after-cyber-attack[7] https://www.msn.com/en-gb/money/companies/marks-and-spencer- shrugs-off-cyber-attack-cost-effect-on-profits/ar-BBRMZGg[8] https://www.businessinsider.in/crypto/news/hodlx-latest-stories-may-23-2025-257385[9] https://www.theblockcrypto.com/linked/1011350/gt-lack-of-rewards-halts-premature-ethereum-2-0-decentralized-staking[10] https://cointelegraph.com/news/chainlink-prices-surge-60-after-binance-announces-new-dai-oracle[11] https://www.coindesk.com/pr/venom-foundation-achieves-150-000-tps-in-closed-network-stress-test-paving-the-way-for-2025-mainnet-upgrade[12] https://www.coindesk.com/coins/xdc[13] https://www.forbes.com/sites/cryptocompanyinsider/2025/05/22/psychitric-launches-first- trusted-bridge-from-dogecoin-to-solana-amid-increased-decentralization-efforts/?sh=451e3d372f28[14] https://www.forbes.com/sites/bernardmarr/2025/05/19/ethereum-2-0-staking-layer-0-is-almost-here-heres-what-you- need-to-know/?sh=2c7f6a9b44c1[15] https://www.coindesk.com/coins/doge[16] https://www.binance.com/en/blog/1808777351488061343[17] https://www.coindesk.com/coins/sol[18] https://www.solana.com/[19] https://medium.com/solana-labs/pseudorandom-number-generation-in-competitive-solana-apps-e92478c61772@CoinDesk @theblockcrypto @business @bbc @FT
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- The cyber attack on Major British Retailer Marks & Spencer has raised concerns about the growing importance of cybersecurity in the business sector, particularly in the finance and technology industries, as breaches can lead to significant financial losses.
- In the aftermath of the cyberattack, M&S shares saw a decline of 4%, and were down 10% from the time of the announcement, indicative of investor's concerns about the potential impact on the company's profitability.
- As the retail industry increasingly relies on technology and digital platforms for operations, the incidence of such attacks may also increase, underscoring the need for enhanced cybersecurity measures to protect sensitive data, including customer information and cryptocurrency holdings.
