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PHOTO: ISABEL INFANTES/REUTERS
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Marks & Spencer’s profit fell for the fiscal year, though the U.K. retailer said its performance rebounded in the second half and that it was recouping losses from last year’s cyberattack. M&S reported 364.6 million pounds, equivalent to $488.5 million, in pretax profit for the fiscal year ending March 28, down 29% from the year prior. (WSJ)
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No employees, including CEO Stuart Machin and Chairman Archie Norman, will get bonuses this year, the company said. “Given the impact of the cyber incident on the performance of the business, the remuneration committee and our executive directors agreed not to operate the bonus scheme,” Machin said. (The Times)
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£131.3 Million
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Cost of the April 2025 cyberattack at U.K. retailer Marks & Spencer—about $176.5 million.
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Europol has coordinated the removal of 14,200 online posts and links tied to Iran’s Islamic Revolutionary Guard Corps across 19 countries, including the U.S., in the first major enforcement action under the EU’s February designation of the IRGC as a terrorist organization. (Dow Jones Risk Journal - gift link)
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New funding: San Francisco-based startup Socket raised $60 million in a Series C round that values it at $1 billion. Thrive Capital led the round. Socket makes products for securing code and developer tools.
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Cyberattack update: West Pharmaceutical Services said manufacturing, receiving and shipping has been restarted at all sites globally after the systems were taken offline in responding to a May 4 cyberattack. The company, which makes syringe components, continues to investigate a potential data breach and doesn't expect the incident to be material, according to a regulatory filing Wednesday.
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Hasbro shares fell the most in more than a year. The company said not all of its systems and operations had been fully restored, but that it believed the “unauthorized access has been contained.”
The company said it is gathering documentation to make claims on its cyber insurance policies and doesn’t have a timeframe for reimbursements. (WSJ)
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