British retail giant Marks & Spencer (M&S) has severed its long-standing partnership with Tata Consultancy Services (TCS) following a devastating cyberattack that resulted in an estimated £300 million loss earlier this year.
The breach, rooted in ‘social engineering,’ led to M&S suspending online operations for weeks and impacting store operations.
TCS denied losing a $1 billion contract with M&S over cyberattack-related failures, calling reports ‘misleading’ and stating that the contract size and continuity were inaccurately portrayed.
Contrary to reports, TCS clarified that they do not provide cybersecurity services to M&S, and the service desk contract was a minor part of their overall engagement.
The contract termination followed a regular competitive tender process initiated in January, with M&S opting for other partners prior to the cyber incident in April.
