Retail sector ‘incredibly vulnerable’ to cyberattacks, research finds

60 per cent of UK retailers have experienced a cyberattack in 2020, according to new research.

The research by the Ponemon Institute and commissioned by software firm, Keeper Security, found that a “barrage” of cyberattacks this year has left retailers “incredibly vulnerable”.

Credential theft, whereby cybercriminals try and get hold of an organisation’s or user’s passwords to access critical information, was the most common form of attack (60 per cent).

While the pandemic is taking its toll on the finances of many businesses, cash-strapped retailers, in particular, are struggling to find the resource to adequately protect themselves against these cyberattacks, Keeper Security says. More than 2 in 5 (43 per cent) admit to not having a sufficient budget for cyber defences while 40 per cent say they don’t actually know how they would go about protecting themselves against these online threats in the first place.

“The ever-changing, challenging circumstances caused by the pandemic have understandably left retailers scrambling to adapt. But the severe consequences of cyberattacks are too damaging to ignore,” explains Darren Guccione, CEO and co-founder of Keeper.

“Retailers need to prioritise the importance of protecting themselves against cyberattacks, as the alternative – as dramatic as it sounds – is jeopardising the future of the business when one of these attacks is successful. With passwords being the most common avenue for cybercriminals to attack, investing in an advanced and encrypted solution that safeguards user credentials can be an easy, yet highly-effective first step for retailers wanting to adequately protect themselves.”

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