Caught In A Cyber Web: UK Retailers Raided

We are pleased to share Caught in a Cyber Web: UK Retailers Raided, the latest report from Guy Carpenter’s Cyber Center of Excellence. This report delves into a series of cyberattacks in recent months targeting major UK retailers, including Marks & Spencer, Co-op and Harrods, and how those incidents have affected these businesses.

Key Takeaways

• The UK retail industry has recently faced significant cyberattacks, including ransomware incidents affecting major retailers like Marks & Spencer, Co-op and Harrods, leading to operational disruptions and data breaches.
• The attacks involved sophisticated social engineering tactics and the exploitation of user credentials, highlighting the need for improved detection and prevention measures across the sector.
• The impact of these cyber incidents varies among the retailers, with M&S and Co-op experiencing ongoing challenges, while Harrods managed to limit disruption through swift action.
• Cyber insurance is crucial for transferring cyber risk, and the industry is evolving to offer tailored solutions that address the unique needs of clients, including event response services.
• Underwriters have hedging tools available through reinsurance, notably occurrence covers; however, they must exercise caution as not all event definitions are structured to allow the aggregation of what appear to be separate attacks.