LONDON (Reuters) -Britain’s Co-op Group said on Thursday disruption caused by a cyberattack in April cost it 80 million pounds ($108 million) of operating profit in its first half, dragging it to a loss. The 181-year-old Co-op, which runs a food retail business and also has funeral care, legal and insurance businesses, said the attack […]
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Britain’s Co-op says cyberattack cost it $108 million
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LONDON (Reuters) -Britain’s Co-op Group said on Thursday disruption caused by a cyberattack in April cost it 80 million pounds ($108 million) of operating profit in its first half, dragging it to a loss.
The 181-year-old Co-op, which runs a food retail business and also has funeral care, legal and insurance businesses, said the attack meant it lost 206 million pounds of revenue over the six months to July 5.
The Co-op said it responded to the attack, which came shortly after a damaging attack on rival Marks & Spencer, by shutting down a number of systems to contain the threat. This led to operational disruption.
The member-owned group said it made a underlying loss before tax of 75 million pounds in the first half, versus a profit of 3 million pounds in the same period last year.
The Co-op expects a reduced impact from the hack in its second half.
($1 = 0.7435 pounds)
(Reporting by James Davey, Editing by Paul Sandle)