M&S chief says cyber attack likely instigated by ex-computer gamers
The attack, which began in late April, left M&S unable to take online orders for over six weeks, causing significant operational disruption.
Appearing before MPs, Mr Norman refused to confirm if M&S paid a ransom following the incident, stating that the damage had largely been done.
M&S estimates the cyber attack will cost around £300 million in lost profits, though it anticipates recovering up to half through cost management and insurance.
DragonForce, the ransomware operation involved, is believed to be based in Asia and composed of former computer gamers.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
44 minutes ago
- Reuters
South Korea returns six North Koreans stranded at sea this year
SEOUL, July 9 (Reuters) - South Korea returned six North Koreans home via eastern waters, a South Korean government official said on Wednesday. Authorities in the South had found the six North Koreans earlier this year after their vessels had drifted south after they became stranded. A North Korean patrol ship was standing by at a transfer point and the North Koreans had returned in one of their boats, according to the official.
Finextra
an hour ago
- Finextra
Revolut lets customers send money to China via Alipay
Revolut is targeting the $48 billion Chinese remittance market through a partnership with Ant International. 1 Like 1 Revolut users around the world will be able to send money to China in yuan via Ant's hugely popular Alipay service. Powered by Ant's global remittance infrastructure, users can choose the 'Send International' option in the Revolut app and choose mainland China as the destination. They then enter the transfer amount, select Alipay as the transfer method, and add the recipient's Alipay account ID, name, and address. Standard customers are charged 0.15%, with premium users paying 0.12%. "Our partnership with Ant International underscores our commitment to providing fast, secure and cost-effective solutions for global money transfers, further empowering our customers to manage their finances conveniently across borders,' says Raymond Ng, CEO, Singapore and Southeast Asia, Revolut.
Reuters
an hour ago
- Reuters
Dollar gains against yen as Trump's trade war intensifies
TOKYO, July 9 (Reuters) - The dollar rose for a third day against the yen on Wednesday as U.S. President Donald Trump pledged more trade-related proclamations after announcing 25% tariffs on Japan and other trade partners. The greenback advanced against major peers on Tuesday after Trump began telling trade counterparts that sharply higher U.S. tariffs will start on August 1, but he later said he was open to extensions if countries made proposals. Trump said on social media that there would be announcements on Wednesday regarding "a minimum of 7 countries having to do with trade," without specifying whether he would be announcing new deals or tariff letters. Multiple rounds of talks have failed to result in a breakthrough between the U.S. and Japan, where policymakers are now increasingly focused on a critical upper house election this month. "Talks appear to be stalled over Japan's rice market protections and it's hard to see the Japanese bending on this one," IG analyst Tony Sycamore wrote in a client note. "The (currency) pair's rise was also supported by a fifth day of gains in U.S. yields and a sharp rise in JGB yields on fiscal concerns ahead of Japanese elections on July 20." The dollar climbed 0.2% to 146.85 yen , after touching a more than two-week high on the previous day. The euro was little changed at $1.1720 . The dollar index , which tracks the U.S. currency against a basket of six major peers, was steady at 97.582 after a two-day climb. Sterling traded at $1.35795 , down 0.1% in early trading. Bank of Japan board member Junko Koeda said she was keeping a close eye on possible second-round effects on underlying inflation from recent rises in the price of rice, Bloomberg News reported on Wednesday. The European Union will not receive a tariff letter and could secure exemptions from the U.S. baseline rate of 10%, EU sources familiar with the matter told Reuters on Monday. Trump on Tuesday said he would impose a 50% tariff on imported copper and will soon introduce long-threatened levies on semiconductors and pharmaceuticals. U.S. Treasury Secretary Scott Bessent will skip a Group of 20 finance officials meeting in South Africa next week, sources familiar with his plans told Reuters, but will attend the World Expo 2025 in Osaka, Japan, according to a Treasury spokesperson. The Australian dollar fetched $0.6526 , down 0.07% after Tuesday's 0.6% jump. New Zealand's kiwi dollar traded at $0.5993 , down 0.1%.
