The Source for Cyber Insurance News, Insights and Data
British retailer Marks & Spencer has started receiving substantial cyber insurance claims payouts from its April cyberattack. “Insurance income proceeds of £100.0m (app. $132 million), in respect of the incident, recorded centrally in adjusted profit,” the Company reported in its November 5th earnings report. But headlines on the report focused on the dramatic decrease in … Read more
The Marks & Spencer hack — which might cost the retailer $400 million in profits, erased even more in market cap and could lead to cyber insurance claims of at least $133 million — is just one of three recent hacks of large British retailers. “At some point the increase in frequency and severity — … Read more
The hack of British retailer Marks & Spencer could reduce its profits over the coming year by £300m (more than $400 million), according to its recent report of financial results for the London Stock Exchange. This impact substantially exceeds the initial $133 million cyber insurance claim the company is expected to file. Marks & Spencer … Read more