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Co-op boss admits all 6.5m members had data stolen in cyber-attack

about 21 hours ago
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The chief executive of the Co-op has apologised to its customers after admitting that all 6.5 million of the mutual’s members had their data stolen in a recent cyber-attack.Shirine Khoury-Haq told the BBC she was “incredibly sorry” for the attack in which names and addresses and contact information was obtained by hackers.She said no financial information, such as credit or debit card details, or transaction data was stolen in the hack, which occurred in April.“We know a lot of that information is out there anyway, but people will be worried and all members should be concerned,” she said.

Previously, the company had only said that a “significant number” of its customers’ data had been accessed by the hackers, but did not give a precise figure.“It hurt my members, they took their data and it hurt our customers and that I do take personally,” Khoury-Haq said.The group, which owns more than 2,000 grocery stores, more than 800 funeral parlours and also offers legal and financial services, was forced to shut down parts of its IT systems in late April after discovering an attempted hack, days after Marks & Spencer also faced a serious cyber-incident.The cyber-attack on the Co-op led to gaps on shelves in its grocery stores while its funeral parlours forced to return to operating some services via paper-based systems without access to digital services.Co-op executives told MPs recently that many of its systems were protected from attack because it had defences in place which detected unusual behaviour within a few hours.

However, the company admitted it was not expecting to make “any significant recovery” of the costs of the hack from insurers as it chose to invest in detection systems rather than cyber-insurance policies,Last week, four people including three teenagers were arrested at addresses in the West Midlands, Staffordshire and London as part of an investigation into the cyber-attacks on the Co-op, M&S and Harrods, which all occurred within days of one another,Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionThe National Crime Agency, which is investigating the hacks alongside the police, is looking at the involvement of Scattered Spider, a loose collective of native English-speaking hackers,The Information Commissioner’s Office, the UK’s data protection watchdog, has said those concerned about their personal information should visit its website for advice and support,Retailers and their suppliers have faced a series of cyber-attacks in recent years including Morrisons, which was affected by an incident at its tech supplier Blue Yonder in the run-up to Christmas last year.

In 2023, WH Smith was hit by an attack in which company data was accessed illegally, including the personal details of current and former employees.
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Trump privately indicates he may soon fire Fed chair Jerome Powell

Donald Trump has privately indicated he is on the verge of firing the Federal Reserve chair, Jerome Powell, rattling Wall Street and renewing questions over the US central bank’s independence.The US president insisted on Wednesday that it was “highly unlikely” he would dismiss the Fed chair, after reports he had suggested he would and shown a draft letter dismissing Powell to political allies.“I don’t rule out anything, but I think it’s highly unlikely. Unless he has to leave for fraud,” said Trump. The president has recently criticized Powell for a $2

about 16 hours ago
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Rachel Reeves warned by City grandees not to weaken banking safeguards

Rachel Reeves has been warned by City grandees that her plan to slash financial red tape could have little benefit for British households while increasing risks in the banking industry.The chancellor used a speech to City bosses attending the annual Mansion House dinner on Tuesday to argue that in too many areas regulation was acting as a “boot on the neck of business”, as she pledged sweeping changes to help revive the economy.However, leading figures involved in Britain’s post-2008 drive to prevent a repeat of the financial crisis warned Labour against unpicking bank ringfencing – a key measure introduced after the collapse.Sir John Vickers, the architect of the UK’s ringfencing rules, deployed after the financial crisis to separate high street banking from riskier investment banking, said a wholesale retreat from the reform would be a “very bad idea”.Lord Turner, who took over as chair of the Financial Services Authority during the 2008 crash and played a leading role in the post-crisis redesign of the banking system, also warned the chancellor to proceed with caution

about 16 hours ago
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Ad agency WPP asked to work on campaign nudging UK savers to invest in shares

The advertising agency WPP has been asked to work up ideas for a government-endorsed advertising blitz to urge more consumers to invest in stocks through a “Tell Sid”-style campaign expected to cost tens of millions of pounds.Plans for the nationwide push were announced by chancellor Rachel Reeves on Tuesday at her Mansion House speech, as she unveiled a fresh deregulation drive meant to increase financial risk-taking across the UK to help spur growth.The government has thrown its support behind City lobbyists, which are desperate to get money out of cash accounts and into stocks, which they say will not only deliver better returns but help revive the UK stock market. It comes as the London Stock Exchange continues to lose stock market listings and floats to foreign rivals.The campaign – which the Treasury said “will help to explain the benefits of investing” – will be directed and funded by City firms including banks and investment platforms

about 17 hours ago
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Diageo CEO steps down after drink firm’s lacklustre performance

Diageo, which owns the Guinness and Johnnie Walker brands, is to replace its embattled chief executive, ending her rocky tenure in charge of the British alcoholic drinks firm.In a statement to the stock market, Diageo said it had begun the hunt for a successor to Debra Crew, who the company said had stepped down “by mutual agreement”.Her departure follows a lengthy period of investor disquiet about the company’s lacklustre performance under the former captain in US military intelligence.The London-based company’s chief financial officer, Nik Jhangiani, will lead the business on an interim basis and has been tipped as a frontrunner for the permanent job.The group, whose vast portfolio of labels also includes Tanquery gin and Smirnoff vodka, said it was looking at internal and external candidates

about 17 hours ago
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Aldi is trialling grocery delivery in Australia. We put it to the test against Coles and Woolworths

Aldi is known for its permanently discounted prices and its famously odd products sold in the middle aisle.Last week, the German-owned supermarket chain took another step into the Australian mainstream, trialling a grocery delivery service with DoorDash in Canberra ahead of a potential expansion around the country.Aldi has long resisted offering deliveries, given the service would make a basket of groceries more expensive, undercutting its price advantage over Coles and Woolworths.Guardian Australia tested it out.I normally take an ad hoc approach to grocery shopping and visit a few different stores, rather than doing a weekly shop

about 18 hours ago
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Diageo CEO Debra Crew steps down; UK inflation rises to 18-month high of 3.6% – as it happened

Shares in Diageo, which owns the Guinness and Johnnie Walker brands, rose by 3.5% today, making it the top riser on the FTSE 100 index, after its embattled chief executive stepped down.Debra Crew has quit with immediate effect, “by mutual agreement,” the drinks giant said. Her departure comes after investor disquiet about the company’s lacklustre market performance under the former captain in US military intelligence.Until a permanent successor is found, Nik Jhangiani, chief financial officer, will assume the role of chief executive on an interim basis

about 19 hours ago
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Can Trump fire Federal Reserve chair Jerome Powell?

about 15 hours ago
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Debra Crew couldn’t shift Diageo’s post-Covid hangover

about 16 hours ago
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Internet-safe iPhone for children goes on sale for £99 a month

about 15 hours ago
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WeTransfer says user content will not be used to train AI after backlash

about 18 hours ago
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Australia’s selectors took a punt on Sam Konstas as Test opener – and he is left with the debt | Geoff Lemon

about 5 hours ago
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Edwards left with food for thought as India edge England in first women’s ODI

about 13 hours ago