M&S boss Stuart Machin recently admitted the attack – caused by ‘human error’ – had been ‘the most challenging situation we’ve encountered’.<\/p>\n
Security leaders further revealed staff still working from home remained a major problem, with 62% revealing remote devices were the ‘biggest weakness’ in their digital defences.<\/p>\n
Over half – 51 per cent – of the businesses polled had been hit by a ransomware attack in the past year, with 59 per cent citing it as their biggest concern.<\/p>\n
The consequences of such an attack are profound, with 63 per cent of the 250 security leaders polled in May revealing the financial loss from ransomware could cripple their organisation.<\/p>\n
![\"British](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/06\/98946777-14770439-British_businesses_fear_hackers_could_completely_wipe_them_out_f-m-54_174881459955.jpeg\")
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British businesses fear hackers could completely wipe them out following the devastating cyberattack on Marks & Spencer, a survey has found<\/p>\n
The average cost of a ransomware attack on businesses is \u00a3850,000 in the UK – but this can rise exponentially for larger firms.<\/a><\/p>\n The LockBit group demanded \u00a365m demanded after hacking the Royal Mail in 20243.<\/p>\n The recovery costs from a cyberattack last year on Synnovis, a pathology services provider for the NHS that led to the cancellation and delay of thousands of medical procedures, were estimated at \u00a332m – over seven times the company’s annual profits.<\/p>\n Several UK firms have already gone bust following cyberattacks.<\/p>\n In 2020, Peterborough-based Travelex went into administration after being hit by a cyber attack by the notorious criminal gang REvil – who demanded a \u00a34.6m ransom – on New Year’s Eve<\/a>.<\/p>\n The attack caused a month of disruption, with staff unable to use computers to keep track of trading, and impacting high-profile clients including Barclays and Asda.<\/p>\n The company said it ‘had a large part to play’ in the company filing for insolvency later that year, with 1,300 employees losing their jobs.<\/p>\n KNP Logistics – one of the UK’s largest privately owned logistics groups – suffered a similar fate after a huge ransomware attack in June 2023. Three months later, it blamed the cyberattack when it was claimed bankruptcy, making 730 staff redundant.<\/p>\n Over the past month, major UK retailers – including M&S, Co-op, and Harrods – were hit by a wave of coordinated cyberattacks attributed to a hacker group known as Scattered Spider<\/p>\n Over the past month, major UK retailers – including M&S, Co-op, and Harrods – were hit by a wave of coordinated cyberattacks attributed to a hacker group known as Scattered Spider<\/a>.<\/p>\n The attacks primarily used so-called ‘social engineering’ tactics, in which criminals manipulate employees into sharing sensitive information to get them into internal IT systems.<\/p>\n As a result,one of the biggest challenges remains the threat posed by staff working from home, with critics claiming employees refusing to come into the office often fail to install up-to-date security on their laptops for weeks or even months.<\/p>\n The survey revealed 60 per cent of security leaders believe remote working has ‘complicated’ their ability to defend against cyberattacks.<\/p>\n Jake Moore, global security advisor at cybersecurity software company ESET, said: ‘It’s not surprising that the majority of medium and large businesses would see their future thrown into doubt after a cyberattack.<\/p>\n ‘Ransom demands are often in the millions, but even when the ransom isn’t paid, the costs associated with recovery and lost revenue can be staggering.<\/p>\n ‘In some cases, such as with M&S, the clean up operation can even cost far more than the original ransom payment forcing an unbelievably difficult decision at the time of attack.’<\/p>\n![\"Over](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/06\/98946781-14770439-Over_the_past_month_major_UK_retailers_including_M_S_Co_op_and_H-m-53_174881458997.jpeg\")
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