Now, Co-op has joined the ranks of those retailers fighting back against cyber threats. On Wednesday, the company began shutting down sections of its IT networks after hackers attempted to access systems unlawfully. This report follows an ongoing cyber assault on Marks & Spencer. As a result, the company has now lost millions of pounds in sales.
On Wednesday, Co-op’s IT security team was working immediately to deploy countermeasures to the hack. They had taken proactive measures to strengthen their systems. As a precautionary measure, the cooperative cut internet access at its facilities on Thursday, according to sources. Staff members are required to have their cameras on during virtual meetings. They should be checking every single attendee to ensure security and safety.
Speculation that the current cyber threats targeting Co-op and Marks & Spencer are related, but this is yet to be confirmed. Indeed, Marks & Spencer has estimated financial losses of more than $40 million from disruptions in sales due to the hackers’ handiwork. The company has been scrambling to get back on its feet.
“We recently experienced attempts to gain unauthorized access to some of our systems.” – Harrods
As each of these retailers deal with the security fallout from their data breaches, experts make the case for strong IT security measures. The situation highlights a top concern for businesses in 2023 — the cyber attacks of today are more frequent, more sophisticated and more dangerous than ever before.
Marks & Spencer’s current struggles have raised concerns throughout the industry, as analysts watch closely to see the financial implications. This continued disruption has left many wondering how well-prepared the biggest retailers are to deal with a wave of cyber attacks.