Retailers are being urged to tighten their cybersecurity measures as new research reveals that over half have been victims of cyber crime. According to a survey conducted by NFU Mutual, 53% of retailers reported being affected by cyber attacks, highlighting the growing threat within the industry.
The past year alone has seen 10% of retailers suffer from online criminal activities, prompting many to re-evaluate their IT security protocols. Consequently, 22% of the surveyed retailers have enhanced their IT security, and a fifth have completed training on IT security and online safety. Additionally, 17% have installed firewalls, antivirus software, or other protective measures.
Despite these efforts, only 11% of retailers have taken out cyber insurance, which NFU Mutual emphasises as a critical oversight.
James Trevis, NFU Mutual’s cyber specialist, stated, “Cyber-crime is sadly an ever-increasing threat to our industries, so we’re urging bosses and employees to stay vigilant and do all they can to avoid falling victim.”
Trevis highlighted the severe ramifications of cyber attacks, including loss of income, legal liability, reputational damage, and fraud. He stressed the importance of having a comprehensive cyber risk strategy that goes beyond prevention, including a well-defined incident response plan and access to cybersecurity experts.
The survey identified customer fraud as the most common cyber crime, affecting nearly 24% of respondents. Phishing scams were the second most prevalent at 21%, followed by data theft or breaches (15%) and malware or viruses (13%).
NFU Mutual underscores the importance of protecting digital technologies used by retailers, such as email, customer data storage, online banking, and internet-connected devices like office networks and CCTV.
As cyber threats continue to rise, retailers must take steps to protect their businesses from potentially devastating attacks. NFU Mutual advises businesses to implement two-step verification and unique passwords for different accounts.
Other recommendations include:
- Keeping all software up to date
- Regularly backing up files and data
- Educating employees on cyber crime
- Installing and updating firewalls and antivirus software
- Changing factory-set passwords and setting up equipment securely
- Using a Virtual Private Network (VPN) for remote access, protected by Two-Step Verification
- Ensuring physical security by securely storing company devices
