M&S reveals cost of cyber attack as profit almost wiped out

Core Insights - The cyber attack on Marks and Spencer is projected to incur direct costs of approximately £136 million, covering immediate incident response, recovery, and legal support [1] - The retailer's online systems were non-operational from Easter into the summer, leading to a significant loss in sales and nearly erasing statutory profit before tax for the first half of the year [1] - Statutory profit before tax has plummeted from £391.9 million last year to £3.4 million this year, indicating a drastic decline in financial performance [2] - Marks and Spencer expects to recover about £100 million through insurance claims related to the cyber attack [2]