The Manchester based Co-op Bank has revealed that this year’s cyberattack has cost it eighty million pounds which has dragged the group into an operating loss in the first half of the year
The group said that said the attack meant it lost £206 million pounds of revenue over the six months to July 5.
“When Co-op was targeted by a sophisticated cyber attack, we acted quickly and decisively to temporarily shut down a number of systems to contain the threat”, the group said .
Commenting on the results, Debbie White, Chair of the Co-op, said:
“The first half of 2025 brought significant challenges, most notably from a malicious cyber attack. Our balance sheet strength and the magnificent response of our 53,000 colleagues enabled us to maintain vital services for our members and their communities. We must now build our Co-op back better and stronger to meet the challenges and opportunities that lie ahead.”
Looking forward into the second half of the year The Co-op says:
“We anticipate continued cost headwinds, global volatility and high competition. In response, we remain committed to a disciplined approach to investment to support our future, while managing a reducing level of cyber impact through the second half.”
The group plans 30 new openings in the second half of the year and plans to launch new ranges, including Served – ready-to-cook meals for two for £8, or £7 for members.
