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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Headlines

    Posted By Global Banking and Finance Review

    Posted on May 13, 2025

    Featured image for article about Headlines

    LONDON (Reuters) -British retailer Marks and Spencer said on Tuesday some personal customer information was taken in the cyber attack that has crippled its online operation for more than three weeks.

    M&S, one of the best known names in British business, stopped taking online orders on April 25, and its share price has fallen 15% since the Easter weekend, when problems with orders first started.

    The retailer, whose 1,000 stores remain open, is widely reported to have been the victim of a ransomware attack, where criminals infiltrate companies' computer systems, encrypt them and demand payment before allowing them to resume control.

    M&S said some customer details had been taken, blaming the "sophisticated nature" of the incident, and said it would inform customers of the issue.

    "Importantly, the data does not include useable payment or card details, which we do not hold on our systems, and it does not include any account passwords," M&S said in its statement. "There is no evidence that this data has been shared."

    Advising customers there was no need to take any action, the company said work was continuing to get operations back to normal. It said it had taken steps to protect is systems, while working with cybersecurity experts, law enforcement and government agencies.

    M&S has declined to quantify the financial impact, which is growing by the day as it misses out on sales of new season ranges with much of the UK basking in warm May temperatures. It makes around one-third of its clothing and home sales online.

    Analysts at Deutsche Bank estimated earlier this month that the profit hit would have been at least 30 million pounds and the run rate at about 15 million pounds a week.

    They said cyber insurance would likely cover most of the impact but that cover is generally provided for a limited amount of time.

    (Reporting by Sachin Ravikumar, Paul Sandle and Sarah Young)

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