Cyber-attacks latest: Co-op expects hack will wipe out £120m of profits; government urged to give loans to Jaguar Land Rover suppliers – business live

Rolling coverage of the latest economic and financial news, as Co-op reveals hack wiped out £206m of revenue

The Co-op Group expects that its cyber-attack will wipe out £120m of profits for the full financial year, including the £80m lost in the first half of the year.

Chief finance officer Rachel Izzard told Reuters:

“We believe the hit to the half year is 80 million pounds, we believe the hit for the full year is 120 million pounds and that’s inclusive of any (insurance) recovery,”

“We had the front-end elements of cyber insurance in place in terms of the immediate response capabilities in the technology space for third parties but we don’t believe we will be claiming on insurance for back-end losses.”

“The main risks are U.S. trade policy and global economic developments.”