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Click here to access subscription content at The RTJ Bridge - The Premium Version of The RiskTech Journal 〰️
The RiskTech Journal
The RiskTech Journal is your premier source for insights on cutting-edge risk management technologies. We deliver expert analysis, industry trends, and practical solutions to help professionals stay ahead in an ever-changing risk landscape. Join us to explore the innovations shaping the future of risk management.

Inside the Hack: Why Social Engineering Exposes the Limits of Cyber Defense and Demands Integrated Risk Management
The recent cyberattack on Marks & Spencer (M&S), perpetrated by the notorious hacking group Scattered Spider, vividly underscores the evolving sophistication of cyber threats—and the alarming vulnerability of even well-protected enterprises. Despite significant investments in cybersecurity defenses, M&S faces an estimated loss of up to £300 million in operating profits and a plunge of £600 million in market capitalization following the breach.
As detailed recently by the Financial Times, Scattered Spider’s methods illuminate a stark reality: technical cybersecurity solutions alone are not enough. The group’s expertise lies in a blend of digital deception and human manipulation, a practice known as social engineering. Unlike traditional cybercriminals reliant solely on technical exploits, Scattered Spider meticulously researches employee identities, simulates convincing interactions, and leverages human psychology to circumvent cyber defenses.