Marks & Spencer Faces Shareholder Questions Post-Cyberattack

Marks & Spencer's CEO, Stuart Machin, assured shareholders that the company would emerge from this year's damaging cyberattack's impact by August. The retailer experienced a significant profit hit of 300 million pounds due to the attack, which forced an online closure and led to supply chain disruptions.

During the company's annual meeting, Machin faced questions regarding whether the breach could have been averted. While Chairman Archie Norman acknowledged the possibility of preventive measures, M&S continues to scrutinize the incident, having already expanded its cybersecurity investments and workforce significantly in the past year.

Though M&S's online store remains partially operational, complete functionality is expected within four weeks. In parallel, internal systems will be restored by August, focusing on enhancing training to prevent future breaches, particularly through social engineering methods exploited by hackers.

(With inputs from agencies.)