November 25, 2016
The threat of cybercrime in retail has never been more significant. In the first six months of 2016 cyber-attacks rose by 46 per cent, and in the next six retail giants like Tesco and Deliveroo have succumbed to attacks exposing customer data.
Over this Christmas period retailers are expected to receive over one million cyber-attacks per day and 50 million global online fraud attacks are expected to be attempted over Black Friday and Cyber Monday shopping week.
As online sales continue to increase, expected to rise to 21 per cent of overall sales next year, more and more opportunities are available for hackers to exploit.
“Retail is data rich and is where high volumes of transactions are done — meaning there’s lots of money in it,” mobile security app Lookout’s vice president international G.J. Schenck said.
“Retailers literally have consumers coming to them daily to spend money, and in every transaction, there is subsequent swapping of valuable information during the process. This makes retailers a prime target for hackers.”
Retail is an industry which depends on its relationship with its customers. The focus on ease of use for online platforms, making transactions more streamlined so as to prevent customers leaving orders, means storing masses of customer data.
A spokesperson from Gumtree commented: “Data is now more valuable than ever, with the personal details of customers prized particularly highly. Unfortunately this is something that applies to both retailers and the cyber-criminals.
“Hackers are always looking for new ways to breach the defences that retailers put in place, and attack any sign of vulnerability in order to gain access to sensitive company information and customer details.
“This can be a game of cat and mouse and retailers have their work cut out in order to protect themselves and their customers from cyber-attacks.”