The Record reports that Marks & Spencer may seek up to $133 million in cyber insurance coverage after a major digital incident disrupted operations last month, highlighting the scale of financial damage such attacks can cause.
The companys app and online shopping platforms remain offline weeks after the Easter weekend cyber event, with in-store stock availability also affected. According to estimates shared by insurance experts, M&S could have already lost over $101 million in gross profit due to a 25% drop in daily revenue. While the DragonForce ransomware group has claimed responsibility, authorities have not confirmed the nature or source of the attack. Questions are emerging over the effectiveness of M&S's business continuity plan, which may influence how much of the claim insurers agree to pay. As the British government pushes insurers not to fund extortion, industry leaders stress that insurance alone is insufficient and call for stronger preventative cybersecurity policies across critical sectors.
The companys app and online shopping platforms remain offline weeks after the Easter weekend cyber event, with in-store stock availability also affected. According to estimates shared by insurance experts, M&S could have already lost over $101 million in gross profit due to a 25% drop in daily revenue. While the DragonForce ransomware group has claimed responsibility, authorities have not confirmed the nature or source of the attack. Questions are emerging over the effectiveness of M&S's business continuity plan, which may influence how much of the claim insurers agree to pay. As the British government pushes insurers not to fund extortion, industry leaders stress that insurance alone is insufficient and call for stronger preventative cybersecurity policies across critical sectors.
