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What happened in the Marks & Spencer cyberattack?
In late April 2025, Marks & Spencer experienced a cyberattack linked to the Scattered Spider hacking group. This incident severely disrupted online sales and contactless payments, leading to a significant drop in the company's market value. The attack utilized social engineering tactics to breach M&S's systems, prompting investigations by law enforcement and cybersecurity experts.
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How do cyberattacks affect retail businesses?
Cyberattacks can have devastating effects on retail businesses, including operational disruptions, loss of customer trust, and significant financial losses. For M&S, the attack resulted in suspended online sales for several days, highlighting the immediate operational challenges. Additionally, the long-term impact on market value can be substantial, as seen in M&S's case.
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What measures can companies take to prevent cyberattacks?
To prevent cyberattacks, companies should implement robust cybersecurity protocols, including regular system audits, employee training on social engineering tactics, and the use of advanced security technologies. Experts from the National Cyber Security Centre (NCSC) emphasize the importance of reviewing and updating cybersecurity measures regularly to safeguard against evolving threats.
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What are the long-term effects of cyberattacks on market value?
The long-term effects of cyberattacks on market value can be significant. Companies may experience a decline in stock prices, loss of customer loyalty, and increased scrutiny from investors. In the case of M&S, the cyberattack has raised concerns among other retailers about their own cybersecurity measures, potentially leading to a broader impact on the retail sector's market confidence.
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What is the Scattered Spider hacking group?
The Scattered Spider hacking group is known for targeting major corporations using ransomware and social engineering tactics. They have previously attacked high-profile companies like MGM Resorts and Caesars Entertainment. Their methods often involve manipulating individuals to gain unauthorized access to sensitive systems, making them a significant threat to businesses across various sectors.
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How can consumers protect themselves after a cyberattack?
Consumers can protect themselves by monitoring their financial accounts for unusual activity, changing passwords regularly, and being cautious about sharing personal information online. Following a cyberattack, it's also wise to stay informed about any potential data breaches related to the affected company and take necessary precautions to safeguard personal data.