Marks & Spencer experienced a significant disruption to its digital operations after a cyber attack prompted the company to halt online orders across the UK and Ireland.
Digital and Technology spend of Marks & Spencer has reached £49 million for 26-weeks ended 28 Sep 2024 vs £33.1 million for 26-weeks ended 30 Sep 2023.
Marks & Spencer’s supply chain spend was £37.2 million vs £24.1 million. Supply chain expenditure reflects investment in expanding C&H fulfilment capabilities, as well as replacement of vehicles and handling equipment. Digital and technology includes technology replacement, network upgrades, and continued investment in website and app development.
The incident, which was first disclosed earlier in the week, had immediate financial repercussions, with M&S shares dropping by 5 percent following the announcement, Reuters news report said. The retailer, known for its upmarket food and fashion offerings, cited “proactive management” of the cyber breach as the reason behind suspending its e-commerce activities.
While physical stores remain operational, the company has temporarily paused certain services and experienced issues like contactless payment failures and delayed click-and-collect orders.
M&S has deployed internal experts and leading cybersecurity consultants to address the breach, and the National Crime Agency, along with the National Cyber Security Centre, is providing support.
Acknowledging the need for improved digital resilience, M&S has committed to upgrading its outdated legacy systems through a multi-year technology overhaul. The company plans to enhance its data infrastructure and loyalty programmes, with a focus on delivering a more seamless and personalised omnichannel experience.
This incident underscores the critical importance of robust cybersecurity in modern retail, especially as a significant portion of M&S’s clothing and homeware sales — about a third— occurs online.
InfotechLead.com News Desk
