Cyberattacks continue to be on the rise, especially in the retail space. According to the 2018 Thales Data Threat Report, Retail Edition, 50 percent of retailers in the U.S. experienced a data breach in the first six months of the year, compared to 19 percent in 2017. Mirroring this stat, 49 percent of retailers feel “very” or “extremely” vulnerable to attacks on sensitive digital data.
It’s not surprising that retailers make a prime target for cyberattacks. The shift from brick and mortar toward online shopping means that millions of consumers’ Personally Identifiable Information (PII) and payment card information is being transmitted and stored 24/7/365. This, combined with the continuous uptick in data breaches, has caught the attention of IT security managers. Thales reported that 84 percent of U.S. retailers expect to increase Information Security (InfoSec) spending this year.
However, it still appears that there’s limited buy-in from management on the data security front. Whether this is due to scarce communication by InfoSec teams to convey the severity of cyberthreats and their consequences, or executives prioritizing other initiatives first, we can’t say. What is alarming, though, is that a “lack of perceived need” was the top barrier to implementing data security (52 percent) for U.S. retailers.
So, how is it that an industry so frequently and successfully breached by cyberattacks can’t see the need for strong data security?
Consumers Deserve Better
Data breaches are not only costly for enterprises to recover from, the consequences to employees and consumers can be even more severe. Nearly one-third of people affected by a data breach fall victim to identity theft. It appears that retailers need to do more, now, to protect their customers and employees.
For retail employees who have their personal information compromised, identity theft often leads to unexpected turnover or, at minimum, lost productivity and absenteeism to repair the damages. For customers who experience this crime, the reputational damage is often irreparable, causing customer attrition and lost revenues. Don’t leave the identities of your employees and customers unprotected. Offer them the best identity theft protection available to guarantee 100% peace of mind. Get started with a Free Trial of IdentityForce today.