TCS probes possible link to M&S cyber breach
MUMBAI: Tata Group’s flagship software services company, TCS, is investigating whether it was the entry point for a cyberattack on UK retailer Marks and Spencer, the Financial Times reported on Friday.The breach occurred during the Easter weekend. TCS, which has worked with M&S for over ten years, aims to finish the probe by the end of the month. TCS did not comment on the report.The attack caused serious problems for M&S. The company was forced to shut down its online store for more than three weeks. This disruption reduced its market value by over 750 million pounds, or about Rs 8,295 crore. It could lead to a loss of up to 300 million pounds, around Rs 3,318 crore, in operating profit. Online services are expected to remain affected until July. UK police are also investigating the incident, the FT report said.M&S CEO Stuart Machin stated that the problem was caused by human error, not a flaw in their systems or cyber defences. He mentioned that staff at a third-party contractor were tricked. He did not disclose if a ransom was paid or if TCS, which employs more than 6 lakh people, was the entry point.M&S began working with TCS in the early 2010s. In 2018, the retailer moved half of its tech work to TCS, designating it as its main tech partner. In 2023, they expanded their partnership to update all of M&S’s tech systems. During the attack, at least two TCS employees’ M&S login details were used in the breach. This attack is the latest to be linked to India’s IT industry, increasing concerns about risks from outsourcing IT work to third parties.M&S is a key store on the UK high street and is trying to attract younger shoppers worldwide. It announced plans to strengthen its business and focus on good quality products. In India, M&S works with Reliance Retail. India is its biggest market outside the UK, with over 100 stores opened in the last 15 years. At M&S Reliance, a 51:49 joint venture between M&S and Reliance Retail, sales rose by 5% in FY24, reaching Rs 1,742 crore.
