M&S to claim £100m on cyber insurance after hack disaster

MARKS and Spencer may claim as much as £100million from its insurance policy for the disastrous cyber attack that has hobbled operations as it prepares to update the City on the financial impact.

- By Saskia Koopman

The high street giant admitted for the first time on Tuesday that customer data which could include contact details, dates of birth, household information and online order histories, had been accessed by hackers.

M&S stressed that payment details and account passwords were not compromised in the sting over Easter.

Its cyber insurance policy, arranged by WTW, reportedly allows claims of up to £100m.

German insurer Allianz is said to be the primary carrier on the policy, and expected to cover the first £10m of the claim.