Economists claim M&S attack is costing the retailer £43 million per week.
M&S may file an insurance claim of up to £100 million.
As first reported by the FT, the attack may have cost M&S more than £60 million to date based just on the loss of its daily online sales: the company’s insurance policy reportedly allows it to claim up to £100 million.
Talking to The Record, Craig Dunn, head of underwriting at insurance and cybersecurity firm Stoïk, estimated daily gross profit at about £12.8 million - profits after subtracting any variable costs that can be avoided if there's a system outage. “Thus if they sold nothing for an eight day period, they could lose in excess of £100 million,” he said.
An analysis from Bank of America, published by
BBC News, estimates the fallout from the hack is costing M&S £43m per week.
Written by
Dan Raywood is a B2B journalist with 25 years of experience, including covering cybersecurity for the past 17 years. He has extensively covered topics from Advanced Persistent Threats and nation-state hackers to major data breaches and regulatory changes.
He has spoken at events including 44CON, Infosecurity Europe, RANT Forum, BSides Scotland, Steelcon and the National Cyber Security Show, and served as editor of SC Media UK, Infosecurity Magazine and IT Security Guru. He was also an analyst with 451 Research and a product marketing lead at Tenable.
