Increase in cyberattacks on retail sector by 20% over the past year
In the rapidly evolving world of retail, a new report from VMWare Carbon Black underscores the urgent need for retailers to bolster their cybersecurity defences. The report recommends a shift from a reactive stance to a proactive one, with retailers seeking out threats rather than waiting to be targeted.
The survey, which included responses from 20 chief information security officers from global retailers, revealed that 73% of retail organizations believe cyberattacks have become more sophisticated over the past year. Consequently, 40% of these companies plan to increase their security budget by at least 10% in 2020.
The report also highlights the importance of protecting critical data, such as customer data, financial information, product data, and growth plans. In January 2020, Warby Parker revealed that 198,000 of its customer accounts were targeted by unauthorized parties, emphasizing the need for vigilance.
The survey also found that more than half of the companies plan on increasing their cybersecurity staff in 2020. This comes as no surprise, considering that two-thirds of retailers reported being targeted by a ransomware attack in the past year.
Notably, the report also stresses the need for individuals to protect their personal data while navigating the internet. This is particularly important in light of the estimated 6,000 active e-commerce phishing sites, according to NormShield.
Daily operations in retail have changed significantly over the past few years, with retailers re-examining topics such as shrink and pricing. However, the specific details of how retailers are re-examining these topics were not provided in the given context.
The report also brings to light some high-profile cyberattacks in recent years. At least six retailers, including Target, Home Depot, Macy's, eBay, Saks Fifth Avenue, and Neiman Marcus, have suffered cyberattacks where data of more than 100,000 customers was decrypted. Neiman Marcus, for instance, paid out $1.5 million to settle a 2013 data breach that exposed store credit card data for 370,000 customers.
In a concerning trend, attempted cyberattacks against retailers increased by 20% during the holiday season last year. Most recently, Macy's announced a security breach in November 2020 that potentially leaked customer payment information.
As retailers continue to adapt to the digital age, the importance of robust cybersecurity measures cannot be overstated. The report serves as a call to action for retailers to prioritize their cybersecurity strategies and protect their critical data from increasingly sophisticated threats.
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