British retailer M&S (Marks and Spencer) is expected to make a cyber insurance claim of around £100 million (app. $133 million) following a hack that forced the company to stop taking onine orders and also exposed customer data, the Financial Times (FT) and other media sources report (paywall may apply.)
Allianz & Beazley on Hook for Cyber Insurance Claim
Allianz is the M&S’ primarily insurer and may need to pay at least £10 million in cyber insurance claims, with Beazley next in line, according to sources cited by the FT. The paper estimates M&S was paying under £5 million a year for its cyber insurance.
M&S to Report Financial Impact on May 21st
More detailed information on the M&S hack, first revealed last month, is expected this Wednesday, when the company is set to release its financial results. Analysts estimate the lack of online sales is costing the M&S £4 million a day and total losses from the cyber attack could reach £200 million, reports the Independent.
Harrods And Co-op Hacks
As we’ve reported, two other prominent British retailers, Harrods and Co-op, were also hit with hacks in recent weeks. The DragonForce cyber crime group, potentially working with Scattered Spider hackers, is believed to be behind the attacks.
After the attacks, a senior UK government official warned of increasing threats to cyber security, including attacks enabled by AI.
“Cyber attacks and cyber hacking are likely to be permanent features of this new global order – there is no point in pretending otherwise,” Cabinet Office Minister McFadden said. But he added, “The opportunities are also huge, and I believe that this country… will be at the vanguard of cyberspace and cybersecurity for decades to come.”
Read More about it: M&S Hack Shows Major Retail Cybersecurity Weakness(Opens in a new browser tab)
