UK Grocer Co-op Sees £120 Million Profit Hit From Cyberattack
The British supermarket chain Co-op has reported a £120 million ($162 million) hit to its operating profit for the current fiscal year due to a cyberattack in April. The attack forced the company to temporarily shut down several critical systems, causing significant disruption to its operations. The attack affected the Co-op's ability to process payments, leading to long queues and inconvenience for customers. The company has since been working to restore its systems and recover from the incident. The £120 million figure represents a significant financial impact for the Co-op, highlighting the substantial cost that can be associated with such cyber incidents. The attack serves as a reminder of the importance of robust cybersecurity measures for businesses, particularly in the retail sector, where disruptions can have far-reaching consequences.
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