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Cybersecurity

Retail Technology

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Cybersecurity Report, Retail Technology Report

Cybersecurity in Retail - Thematic Research

Cybersecurity could increase retailers' annual revenue by 5%.

Cybersecurity is a new source of competitive advantage for retailers, 40% of consumers would increase their spending by 20% with retailers they trust.

GlobalData’s Cybersecurity in Retail report analyses the industry, stressing that cybercrimes differ in type, in motivations for the attack, and the assets targeted. This means that remedies for the particular attack will be different too and retailers need to be prepared for these due to the drastic rise in threat over recent years.

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  • What you need to know...
  • According to the 2018 Trustwave Global Security Report, the retail industry suffered the largest share of cybersecurity incidents in 2017 with 17% of the total investigated compromised locations in 21 countries.
  • In 2013, US retailer Target suffered an extreme data breach when 40 million credit card records were compromised. Access was gained via a third-party air conditioning supplier’s control systems and exacerbated by the weak internal segregation of network systems that Target had at the time.
  • Online marketplace eBay suffered in 2014; the attack exposed names, DOB, addresses and encrypted passwords of all 145 million users. They were also attacked in a similar way again in 2017.
  • Through the implementation of GDPR, keeping data secure has been much more front of mind for retailers. It’s important that they do not lose sight of this and strive to manage their data as safely as possible.

Reassure customers that their data is safe to build trust.

Consumers of today have high expectations when it comes to retailers they choose to shop with. They are especially confident and savvy about their rights, and cybersecurity is a high priority for them, they will only choose retailers they trust to spend their money with.

Retailers should ensure they are one step ahead of hackers by updating their technologies and processes, as their biggest threat is that the abundance of personal consumer data they hold could be targeted.

Many large retailers have already suffered their servers being compromised, and while there is no evidence that personal customer financial data has been used fraudulently, it is extremely damaging to the reputation of the retailer.

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