Source: United Kingdom UK Parliament (video statements)
The Business and Trade sub-Committee questions Marks and Spencer Chairman Archie Norman on the devastating cyber-attack that has disrupted the iconic British retailer’s operations for months.
After acknowledging the attack in April, the company was forced to suspend all online sales for weeks and its website operations are not expected to be fully restored for another month or so. It is believed some customer data was also breached. Marks and Spencer has estimated the attack will hit this year’s profits by £300 million.
At around the same time in April, the Co-op Group disclosed “unauthorised access attempts” that disrupted customer and back-office services.
What happened in these two cases and what does it tell us about UK’s approach, across the public and private sectors, to countering a commercial and economic risk that may be growing to the point where it becomes “uninsurable”?