M&S Cyber Attack: Retailer Faces Investor Scrutiny Amid Recovery Efforts

• •M&S faced a cyber attack in June 2024, disrupting online sales for nearly two months.
• •The attack resulted in a 24% profit drop, while overall sales increased by 2% to £14.2 billion.
• •Investors are demanding clarity on M&S's cybersecurity strategy during the upcoming AGM.

Marks & Spencer (M&S) is recovering from a significant cyber attack that occurred in early June 2024, which disrupted its online sales for nearly two months. The attack led to a 24% drop in profits, totaling £671 million, while overall sales increased by 2% to £14.2 billion for the year ending March 28. Investors are set to question M&S leadership at the upcoming annual general meeting regarding the company's recovery strategy and future cybersecurity measures. The specifics of the attack, including the method and systems affected, remain undisclosed, raising concerns about potential data breaches. M&S has stated that it has contained the attack and is working with cybersecurity specialists to assess the damage and restore services. The incident highlights the vulnerability of UK retailers to cyber threats, particularly ransomware. Investors are particularly focused on the impact on M&S's online grocery business with Ocado, which has seen increased sales despite the challenges.