Firms should learn to operate without IT in the event of a cybersecurity attack, according to a leading UK retail executive.
UK retailer Marks & Spencer (M&S) is in rebuild mode following a high-profile cyberattack which cost the company approximately £300m and led to empty shelves and limited online operations for several months. A third of its business is online – another reason why it was so impacted. Each week of disruption cost the company around £10m in lost profits.
Giving evidence to UK MPs in the Business and Trade Sub-Committee on Economic Security, Chairman Archie Norman said, “In the business world we’re used to competing, dealing with customers, but it’s very rare to have a criminal actor seeking to shop with us. Everybody experienced it, and the cyber team had no sleep. It’s not an overstatement to describe it as traumatic.”
He said the attack was “highly sophisticated and targeted” in its approach.
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