Consumer Confidence Falls in Wake of M&S and Co-op Cyber Attacks

Consumer confidence in sharing financial information with online retailers has fallen by 15%, according to global payments platform Checkout.com.

The Checkout.com and YouGov study surveyed 2,000 UK consumers in March 2025 for the Digital Economy Trust Report and again in May 2025 - i.e. before and after the M&S and Co-op cyber attacks:

• March 2025 – 40% of UK consumers said they felt comfortable sharing their financial information with online retailers
• May 2025 – 34% of UK consumers said they felt comfortable sharing their financial information with online retailers

Additionally, 73% of UK consumers said that reports of cyber breaches involving well-known British retailers affects their trust in making payments online.

Jenny Hadlow, COO at Checkout.com comments, “When a beloved British brand like M&S falls victim to a vicious cyber-attack, the retail world gets a wake-up call. Consumers are understandably shaken and as our study reveals, without trust, the digital economy cannot thrive. It is imperative that businesses, policymakers and technology providers come together to prioritise public confidence and safeguard economic growth."