Connect with us

Hi, what are you looking for?

Business

Co-op hack wipes out £80m of profits as cybercrime surge hits UK businesses

The Co-op has revealed that a “sophisticated cyberattack” earlier this year has wiped out £80m of profits, underlining the mounting cost of cybercrime for Britain’s biggest companies.

The Co-op has revealed that a “sophisticated cyberattack” earlier this year has wiped out £80m of profits, underlining the mounting cost of cybercrime for Britain’s biggest companies.

In results published this morning, the mutual said the hack disrupted its grocery and funeral operations, leaving gaps on shelves and delaying services, with an estimated £206m hit to revenues.

The group said it acted “quickly and decisively” by temporarily shutting down a number of systems to contain the breach. Essential services, including funerals, were prioritised, while stock was diverted to rural “lifeline” stores and independent society partners to minimise disruption.

The direct financial blow included £20m in one-off costs to tackle the incident, alongside wider business losses. The Co-op also sought to ease customer frustration by giving members a £10 discount on a £40 shop.

The figures highlight how cyberattacks are becoming a serious balance-sheet issue for large corporates. The Co-op is the latest big name to join a growing list of firms caught in the crosshairs this year.

Read more:
Co-op hack wipes out £80m of profits as cybercrime surge hits UK businesses

Advertisement

    You May Also Like

    Stocks

    Today on the S&P 600 (IJR), the 20-day EMA nearly crossed above the 50-day EMA for a “Silver Cross” IT Trend Model BUY Signal....

    Stocks

    When you think travel industry, airline and cruise line stocks are usually top of mind. A lesser-known category in the industry is hotel stocks,...

    Stocks

    In what can be called an indecisive week for the markets, the Nifty oscillated back and forth within a given range and ended the...

    Stocks

    The Finance sector is leading the market with a new high this week and the Bank SPDR (KBE) is extending on its breakout. Today’s...