US EditionCyber attack on M&S involved 'sophisticated impersonation', chairman says
UNITED KINGDOM, JUL 08 – Marks & Spencer faced a six-week shutdown of online services and a £300 million profit loss after a ransomware attack by DragonForce and Scattered Spider hacker groups, chairman said.
- On 8 July, Marks and Spencer disclosed that a complex impersonation scheme caused them to halt their online shopping services for close to seven weeks.
- The initial breach occurred on 17 April via social engineering, where attackers impersonated an employee to reset a password through a third party.
- The attack is believed to have been carried out by DragonForce, a mostly Russian-speaking ransomware group linked to Scattered Spider, which encrypted servers and stole data.
- M&S anticipates the cyberattack will result in approximately £300 million in lost profits this year, but plans to offset around 50% of this through strategies such as cost control, insurance claims, and additional actions.
- The company chose not to deal directly with hackers, shared details fully with authorities, declined to discuss ransom payments publicly, and remains in rebuild mode after a 'traumatic' ordeal.
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Leaning Left3Leaning Right2Center10Last UpdatedBias Distribution67% Center
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