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, house-hold 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.