In the last few years, retail has zoomed by the finance, insurance, and hospitality industries as the most vulnerable sector to data breaches, one of the most common crises facing businesses today. In the U.S. alone, three quarters of retailers have experienced some form of data breach.
These data breach incidents represent a significant financial threat to retailers – just take a look at historical rankings of the most expensive data breaches. According to IBM, the average cost of a single cyber attack stands at USD 3.6 million. And, of course, a well-timed data breach, say during the lucrative holiday season, costs retailers a lot more, not just in revenue, but also in corporate reputation and consumer confidence.
If that weren’t enough, the cyber threat seems to be getting worse not better. Hackers are expanding their list of targets to business-critical corporate platforms, in addition to traditional cyber threats, like return and refund fraud, retail and bank account takeovers, website outages, and point-of-sale breaches.
In other words, data breaches have become the new normal for the industry. In turn, retailers must react. Preparedness needs to start today. And that means developing, implementing, and testing robust data breach action plans to keep your sensitive company and customer data safe.
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