The Source for Cyber Insurance News, Insights and Data
High-Cost Breaches Raise the Stakes When Marks & Spencer (M&S) announced a cyberattack that will cost about £300 million (~$400 million) and wipe almost £700 million off its market value, the retail world sat up. A week later, Co‑op revealed that a “malicious” cyberattack had hit its profits by £80 million. These headline-grabbing figures show … Read more
Retail ransomware attacks have been in the news. Co-op’s shutdown exposed a coverage gap; it carried no cyber insurance. Marks & Spencer, insured, saw its statutory profit plunge 99% to £3.4m and received £100m in insurance payments. Sam’s Club (Walmart), Victoria’s Secret, Dollar Tree, the list could go on. Sophos’ new report, “State of Ransomware … Read more
M&S Cyberattack Set the Stage for a Sector-Wide Alarm – Earlier this year, Marks & Spencer suffered a devastating cyberattack. The breach was severe, costing at least £300 million in lost profits. Chairman Archie Norman described the attack to Parliament as “traumatic.” The attackers used sophisticated impersonation and exploited M&S’s legacy systems. This event exposed … Read more
When we saw 97% on a grade school test, it meant we did well. For America’s top retailers, that number signals trouble. A new report by cybersecurity firm SecurityScorecard reveals that 97% of the top 100 U.S. retailers experienced third-party data breaches in the past year. You could peg this to the coming holiday shopping … Read more