The cyber attack on high street department store Marks and Spencer is expected to directly cost roughly £136m.
The figure is only the cost of immediate incident systems response and recovery, as well as specialist legal
and professional services support.
Combined with a loss in sales, as the retailer’s online systems were out of action from Easter into the summer, statutory profit before tax at the business has been nearly wiped out for the first half of the year.
This profit measure dropped from £391.9m last year to £3.4m this year.
About £100m is being claimed back in insurance for the cyberattack, M&S said in its market update.
Be the first to get Breaking News
Install the Sky News app for free
This breaking news story is being updated and more details will be published shortly.
Please refresh the page for the latest version.
You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.
