Cybercrime never been considered as a significant threat in retail. On the first six months of 2016 cyber-attacks increased by 46%. Retail giants like Tesco and Deliveroo tried to stop the attack on exposing the customer data.
During Christmas period, retailers expected to receive one million cyber-attacks per day and 50 million global online fraud attacks especially on Black Friday and Cyber Monday shopping week.
As online sales continue to increase, it is expected to rise next year overall sales to 21%, it also means more opportunities are open for hackers to exploit.
G.J. Schenck Mobile Security Lookout’s Vice President International said that, retail is data rich and is where high volumes of transactions are done meaning there’s lots of money in it.
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 where their relationship depends to its customers.The focus of online platforms is on ease of use, making transactions more streamlined to prevent customers leaving orders, it means storing masses of customer data.