The UK retail sector has seen 44 cyberattacks in the past year, with one attack occurring every eight days, according to new research from Keeper Security. As part of the 2021 Cybersecurity Census Report, 77% of retailers believe the number of cyberattacks they will face will increase over the next 12 months and disrupt the entire retailer ecosystem.
The retail sector has been under immense pressure over the past 18 months. The COVID-19 pandemic has hit retailers’ front line with high street store closures and major supply chain disruptions as a result of Brexit. Besides, there are also cyberattacks that cause disruption.
Cyberattacks are increasing in the retail sector
If successful, research found that cyberattacks on retailers resulted in severe disruptions to partner and customer operations (34%), supply chain (33%) and a retailer’s capacity to trade (29%), emphasizing that it’s not just macro. problems facing retailers.
However, the retail industry is acutely aware of the cybersecurity threats it faces. 41% of respondents said IT was the top investment priority over the past year. The vast majority of retailers (86%) know where the gaps or weak links in their cybersecurity defenses are. But, worryingly, only 35% address them all, which means some vulnerabilities continue to be exploited by bad actors.
Additionally, senior retail IT leaders would like to see cybersecurity become a board-level issue, with four in five (78%) asking for a board member to be dedicated specifically to IT. corporate cyber-wellness. At the same time, retailers are aware that they cannot solve all of their cybersecurity challenges on their own, especially as they currently view an attack on a cloud provider they use as their biggest security vulnerability. of cybersecurity.
“The retail sector has had a very difficult time over the last 18 months, particularly on the front line of the business, but what we have seen is that retailers are also struggling internally. , especially with cybersecurity risk.” explained Darren Guccione, CEO and co-founder of Keeper Security. “Cybercriminals target retailers because they see them as an easy target and the rewards for a successful breach are vast given the pools of data a retailer is likely to have on their system. More than half of employees working in retail do not understand the cybersecurity implications of poor password hygiene, underscoring how critical it is not only to improve current cybersecurity training, but also to ensure the right IT staff is in place from the start.
