Ransomware Hits Marks & Spencer: E-Commerce Paralysis and Customer Data Breach

British retail giant Marks & Spencer announced on Tuesday that a cyber attack has compromised personal customer information, crippling its online operations for over three weeks. While stores remain open, the attack has halted online orders since April 25, prompting a 15% drop in share prices since the Easter weekend.

Reports suggest M&S fell victim to a ransomware attack, where criminals infiltrate company systems, encrypt files, and demand ransom for control. The retailer clarified no payment or password details were accessed, promising to inform affected customers. Despite the disruption, no evidence indicates the data has been shared.

Assuring customers there's no need for immediate action, M&S said efforts are underway to restore normal operations, collaborating with cybersecurity experts, law enforcement, and government agencies. Financial impacts are mounting, with missed sales during warm May weather. Analysts predict a profit hit of at least £30 million, although cyber insurance may cover most of the losses.

(With inputs from agencies.)