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Financial markets continue to react to the M&S hack. As M&S shares continue to be affected by its ongoing cyber attack, losing £1 billion since the start of the attack.The company is struggling to keep stock levels up in its stores, suppliers have reverted to pen and paper and staff are finding it difficult to respond to customer orders and questions. The hack has demonstrated the affects of a cyber attack on retail, that often works to Just In Time across most aspects of the trade from food through to clothing. As the company moves into the 3rd week of the attack, things do not feel as though they are getting better for the retailer.Cyber is a complex and expensive risk to manage and well documented as a top 5 board risk. It is a risk that is well documented to affect national, corporate and economic security, yet many board struggle to understand the risk and manage it, despite their fiduciary responsibilities.One hears that the M&S, Coop and Harrolds attack will be wake-up calls. But we know that were there is no pain there is no gain, as demonstrated globally following many cyber attacks across many a broad swath of industry sectors. Lets hope that there is a change in board sentiment following these attacks on UK retailers.@Thaddeus Dziekanowski Brian D. McCarthy Faisal KhanVeritas GRC#cybersecurity #cyberriskmanagement #cyberattacks #cyberregulationhttps://lnkd.in/eHP5dbdb
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