The Lucid team have celebrated World Password Day this May by giving some practical advice on creating strong passwords and protecting data within your business — but what if the worst happens? In this blog, we are reflecting on the recent cyber-attack on the popular high street retailer M&S and looking at the potential impacts of a business being targeted by cybercrime.
M&S Cyber Incident: What Happened?
It is every business owner’s worst nightmare — several weeks ago, M&S were targeted by cyber criminals in an attack that stole personal customer data. They have confirmed that the targeted data may include a customer’s date of birth, telephone number, and even address, but that no useable card details or passwords have been compromised.
Impacts of Cybercrime: Short- and Long-Term
M&S quickly wrote to their customers to warn them of the consequences of the cyber-attack, including the potential theft of personal data and the subsequent opportunities for identity fraud. Not only has this damaged their reputation, but it has also left their millions of website users uneasy. It may be weeks before the scale of the damage is truly understood.
M&S are also losing business in a more tangible way due to the attack, as their online ordering system has been shut down since the breach — by their own estimates, they have over 9 million active online customers, all of whom are currently unable to use their accounts. As a result, Bank of America Global Research estimates that M&S are currently losing over £40 million per week in sales. The retailer is working to restore online ordering and to minimise the damage, but a cybersecurity breach represents a blow to both finances and brand potential, regardless of the size and strength of an organisation.
How Can I Protect My Business?
When you read news stories like this about major data breaches, any business owner will wince and hope that it never happens to them — luckily, there are plenty of practical steps that you can take to minimise the risk to both your business and your customers. At Lucid, we provide a wide range of cyber security services, from staff training to anti-virus installation. We can also advise you on the necessary steps to avoid making headlines for all the wrong cybersecurity reasons!
To talk to us about ensuring that your data is safe, you can contact the Lucid team here — and check out our recent blog on password security for more practical tips!