Retailers around the world should be wary of a data breach, according to a study by Thales and 451 Research, which found that nearly half of all retailers worldwide experienced at least one data breach last year. Also, 60% of retailers said that they experienced a data breach at some point in the past, even if it wasn’t a year ago. Because of the prevalence of data breaches, 88% of retailers around the world believe that they are at risk of experiencing a breach in the future. However, in terms of the U.S., only 19% of retailers said that they experienced a data breach last year, which is a decrease from last year’s 22% figure. In addition, only 19% of U.S. retailers said they felt extremely vulnerable to security threats.
Thales surveyed over a thousand senior security executives in the retail, finance, healthcare and public sectors. In the retail sector, 73% of them plan to increase their investment in IT security. However, budget constraints affect 53% of retailers and act as a barrier. According to the survey, retailers are less likely to store sensitive data in advanced technologies compared to companies in other vertical markets.
Two-thirds of retailers are concerned about third-party cloud and SaaS environments, believing that they will be victims of cyber attacks. The majority of retailers are concerned about vulnerabilities in shared cloud infrastructure. As the concern of data breaches continue to be a concern, retailers should consider the below four tips in an effort to prevent a cyber breach:
The retail sector has been targeted by hackers for years because of all of the customer data it holds. Cyber threats like malware, phishing scams, and ransomware can help hackers steal data from retailers. By investing in Endpoint Management technology, retailers can limit the impact of a data breach.