The retail industry is a favorite target of cyber attackers. Hackers know a successful attack on a retailer can give them access to the data of thousands or even millions of payment cardholders. Cyber criminals can sell that data for a tidy profit to other criminals on the dark web who use it for fraud, identity theft, and phishing attacks. Cyber crime is big business; it’s projected to cause damages of $6 trillion by 2021 on organizations of all types and sizes.
When it comes to cyber threats, retailers have a lot at stake. They operate on thin margins and have to protect their brands. A breach that compromises the private information of customers can erode trust, prompting many to take their business elsewhere. Nineteen percent of consumers in a KPMG study said they would stop shopping at a retailer following a breach, and 33 percent said they would do so temporarily.