A lot is also riding on the nature of the threat. The longer a cyber incident goes on, the more likely it is to be ransomware, say multiple cybersecurity experts.
"I would suggest there is a high level of confidence this is a ransomware style event," says Dan Card, cyber expert at BCS, the chartered institute for IT.
"I describe these as like a digital bomb has gone off. So recovering from them is often both technically and logistically challenging… the victim organisation is likely going to be working around the clock to respond and recover."
Ransomware is a particularly nasty strain of virus, in which the owner of a computer or network of computers is locked out, their data scrambled, and the attackers demand a fee, usually in cryptocurrency, to restore it.
Official advice is not to pay. You are, after all, putting your trust in criminals to be true to their word.
But it is often impossible to restore compromised services without the hackers' key – meaning the only way around it is to either use back-ups or install new systems and start again.
M&S will not comment, and no attacker has yet gone public with any demands – although this doesn't always happen, it is often a way for cyber criminals to pile more pressure onto their victims.
As to who those hackers might be: fingers are pointing at a rather fluid network of individuals called Scattered Spider (it also has other aliases).
It was behind the attack on the MGM Las Vegas hotels in 2023.
The website Bleeping Computer cites "multiple sources" suggesting they are responsible and says some of them are teenagers.
Rik Ferguson, special advisor to Europol's European Cyber Crime Centre, says the sources of speculation about the group's involvement seem credible but adds that he has seen no conclusive evidence so far.
I asked him whether M&S customers should be concerned about their personal information: the firm itself currently says no action is required.
"Only M&S are able to tell us whether customers should be worried about their personal data," he said.
"In the absence of certainty, it would certainly be advisable for M&S customers, particularly those who may have reused their M&S account credentials on other web services, to begin changing those passwords elsewhere."