Marx and Spencer on Wednesday warned that the cyber attack on its online system will continue to disrupt its online services by July and may spend the retailer up to 300 million.The British High Street veteran also said that the incident may greatly affect its operation and revenue in the weeks to fall.In a statement cited by AFP, “Fashion, home and beauty, online sales and trading profits have been greatly influenced by the necessary decisions to prevent online shopping.”Last week, the company revealed that the cyber attack stole personal data related to some of its customers. The company further stated that it estimated “online disintegration to continue in June and July, as we resume, then ramps operations.”The ransomware attack, which began around Easter, forced M&S to suspend online sales, contactless in-store payments and even its recruitment systems. The retailer confirmed that compromised data could include names, date of birth, home addresses and phone numbers – but assured customers that no “usable” payment or card details, or account passwords were not accessed.Despite the challenges, Marx reported operating benefits before adjusting £ 985 million items for the financial year ending in March. However, it estimated that the impact of cyber attack on the entire year group operating benefits would be around 300 million pounds. This figure is expected to be partially offset by cost management, insurance recovery and other business functions.The company’s shares fell 2.5% in early trade after the announcement.The incident has been informed to law enforcement and relevant government officials.Marx and Spencer involved in the string of British retailers targeted by Cyber Criminals in recent weeks, with high-profile breeches reported by luxury department stores and co-up food chains.
