Key facts
- Retailers face growing cybersecurity risks including phishing, ransomware, and supply chain attacks.
- A significant portion of retail cyber incidents involve financial motives, payment data, and credentials.
- The average cost of a data breach in the retail industry is $3.28 million.
Retailers are on alert for a fresh wave of cyber attacks following investigations into potential data breaches at H&M, Asos, and TFG London. The retail industry is increasingly vulnerable to cyber threats, with phishing, ransomware, and supply chain attacks on the rise. According to Verizon's 2022 Data Breach Investigations Report, 98% of retail sector incidents have a financial motive, often involving payment data and credentials. IBM reports that 50% of retail cyber attack victims experience extortion, and 25% involve credential harvesting. The average cost of a data breach in the retail industry stands at $3.28 million.