Retail Cyber Security Statistics: Common Cyber Security Threats in the Retail Industry and How to Defend Against Them

Retailers are an attractive target for cybercriminals due to the sensitive customer data they possess, such as credit card information and personal details. According to the retail cybersecurity statistics from a recent study, the retail industry ranked among the top five most targeted industries for cyberattacks worldwide, with a 7% share of global attacks in 2021. 

This, and other retail cybersecurity statistics are the reason why it is important for retail businesses to become more aware about the most common types of cyber security threats in the retail industry.

On this page, we’ll be diving deep into all the different varieties of retail data breaches that have occurred in the past and are likely to occur in the future beginning with the most prominent retail data breach statistics.. Strap in because it will be slightly scary but, as they say, there will be a light at the end of the dark tunnel too.

Retail Cybersecurity Statistics: A Look at the Rising Financial Threat

While there are many types of cyber security threats in retail and wholesale industry, phishing attacks are the most alarming simply because of how convenient they are to mount for attackers and how easy it is for the common populace to turn into phishing victims. Phishing attacks can significantly impact retailers especially, leading to operational disruptions, financial losses, and damage to customer trust. Some alarming retail cybersecurity and data breach statistics include:

• $4.45 million average cost per cyberattack in the retail industry (Source: IBM)
•  65% increase in attacks targeting wholesalers in 2021 (Source: IBM X-Force Threat Intelligence Index)
• 29% year-over-year increase in phishing attacks on retail businesses (Source: Retail Cyber Intelligence Sharing Center)

The Best Way to Defend Against Cyber Security Threats in Retail

At Jericho Security, we understand the cyber security threats prevalent in the retail and wholesale industries as well as the nature of their unique challenges and are dedicated to providing comprehensive solutions to combat phishing threats. To further enhance your retail organization's defenses against phishing attacks, Jericho Security harnesses the power of AI to offer cutting-edge training solutions:

AI-Powered Training:

Leverage AI to analyze employee performance and adapt training content in real time. The benefit of this is that the training you provide to your employees will keep pace with the fast-developing and quick-evolving nature of the cyber security threats in the retail industry. Continuous improvement will also ensure better learning outcomes.

Personalized Training Paths:

Utilize AI to create custom training paths for each employee, addressing their unique strengths and weaknesses to maximize engagement and efficacy. Since every employee is different and cyber security threats in retail revolve around social engineering, pinpointing the unique characteristics of each individual can prevent them from succumbing to those plays.

AI-Driven Content Optimization: 

Just like every individual, every organization is also unique with its own hierarchical structure and standard operating procedures. Continuously optimize phishing simulation content using AI to identify the most effective strategies and techniques, keeping your employees on their toes and prepared for the latest threats.

By incorporating AI into our phishing training approach, Jericho Security delivers a dynamic and personalized learning experience that prepares your workforce to identify and thwart even the most cyber security threats in retail.

Common Cyber Security Threats in the Retail Industry: A Summary

As is evident from all the retail cybersecurity statistics, there are a wide variety of cyber security threats in the retail industry that have to be managed. A lot of retail cyber attacks come attached with unique challenges, particularly phishing attacks. A lot of this is connected to advancement in technology resulting in advances in the methods and sophistication of cybercriminals targeting retailers. However, by taking cognizance of all the common types of cyber attacks in the retail industry, you will be able to protect yourself better. Retail security breaches are never small. Take steps now and protect your business.