Britain’s Co-op warns of $161 million profit hit from cyberattack

A “sophisticated” cyberattack in April will cost the Co-op Group about 120 million pounds ($161 million) in lost profit this year, the British retailer warned on Thursday.

The 181-year-old member-owned Co-op, which runs one of the UK’s most well-known food retail businesses as well as funeral-related services, legal and insurance operations, said it acted “quickly and decisively” to temporarily shut down several systems to contain the threat.