PRESS: M&S does not renew $1 billion deal with Tata Consultancy
Marks & Spencer Group PLC has decided not to renew a $1 billion deal with Tata Consultancy Services, TCS, to run its tech helpdesk, The Telegraph reported on Sunday.
M&S, a London-based retailer, had lost £300 million due to a cyber attack that happened in April.
M&S had cancelled the deal in July, while Mumbai, India-based TCS denied it was at fault for the attack.
TCS held an investigation after the incident into whether its technology helpdesk had acted as a gateway for hackers to access M&S’s systems, later saying it found no fault.
M&S had worked with TCS for over a decade, and two years ago agreed to a renewed deal with the outsourcer worth $1 billion to modernise its technology systems.
M&S shares had closed 0.8% higher at 407.80 pence each on Friday in London.
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