Cybersecurity is an increasingly critical concern across all industries, including the consumer packaged goods sector. In this blog post, we will delve into the statistics surrounding cybersecurity in the consumer packaged goods industry, exploring the threats faced, the impact of data breaches, and the importance of safeguarding sensitive information in today’s digital landscape.
The Latest Cybersecurity In The Consumer Packaged Goods Industry Statistics Explained
By 2025, cybersecurity market within the retail sector, which includes consumer packaged goods, is expected to reach $8.6 billion globally.
The statistic indicates that the cybersecurity market specific to the retail sector, including consumer packaged goods, is projected to grow significantly and reach $8.6 billion globally by the year 2025. This forecast suggests a rising awareness and prioritization of cybersecurity within the retail industry to protect sensitive data, mitigate cyber threats, and ensure overall digital security. As retail organizations increasingly adopt digital technologies and online channels for transactions, the demand for robust cybersecurity solutions is expected to surge in order to safeguard customer information, financial transactions, and intellectual property. This statistic underscores the critical importance of investing in cybersecurity measures within the retail sector to enhance data protection and maintain consumer trust in an evolving digital landscape.
Within the CPG sector, 90% of data breaches are triggered by external agents.
The statistic “Within the CPG sector, 90% of data breaches are triggered by external agents” indicates that in the consumer packaged goods industry, the vast majority (90%) of data breaches are initiated by individuals or entities outside of the organization, rather than by internal actors. This suggests that external threats such as hackers, cyber criminals, or other outside parties pose a significant risk to the security and integrity of data within companies operating in the CPG sector. Understanding this breakdown of data breach triggers can help organizations in the CPG sector to focus their efforts on implementing robust cybersecurity measures, training employees on best practices for preventing external attacks, and proactively monitoring and responding to potential threats from external sources.
More than 66% of CPG companies have reported cyber incidents.
The statistic “More than 66% of CPG companies have reported cyber incidents” indicates that a significant majority of Consumer Packaged Goods (CPG) companies have experienced some form of cyber incident. This suggests that the CPG industry is prone to facing cybersecurity threats and attacks that could potentially jeopardize their operations and data security. The high percentage of reported incidents underscores the importance for CPG companies to invest in robust cybersecurity measures to protect their systems, sensitive information, and maintain consumer trust. Additionally, it highlights the need for ongoing vigilance, readiness, and preparedness in the face of evolving cyber threats in the digital age.
As of 2019, cybercrime cost retail businesses including CPG companies an average of $1.9 million per incident.
The statistic states that in 2019, the average cost of a cybercrime incident for retail businesses, including consumer packaged goods (CPG) companies, was $1.9 million. This figure represents the financial impact that cyberattacks and other forms of cybercrime have on organizations within the retail sector. Such incidents can result in various costs, including those related to investigating the breach, mitigating the damage, restoring systems and data, regulatory fines, legal fees, and lost business opportunities. The significant financial ramifications of cybercrime underscore the importance for retail businesses, including CPG companies, to prioritize cybersecurity measures and strategies to safeguard their operations and customer data from potential threats.
According to a survey, nearly half of CPG companies have experienced a data breach in the past two years.
The statistic indicates that a substantial proportion of Consumer Packaged Goods (CPG) companies have encountered a data breach within the last two years. Specifically, the survey reveals that nearly 50% of CPG companies have fallen victim to a breach of their data during this timeframe. This finding highlights the prevalent and significant threat that data breaches pose to companies operating in the CPG industry. Such breaches can lead to various negative consequences, including compromised sensitive information, financial losses, damage to reputation, and potential legal implications. The statistic underscores the importance of robust cybersecurity measures and vigilance in safeguarding data within the CPG sector to mitigate the risks associated with data breaches.
60% of CPG companies admit they are not adequately prepared for cybersecurity threats.
The statistic ‘60% of CPG companies admit they are not adequately prepared for cybersecurity threats’ suggests that a significant majority of consumer packaged goods (CPG) companies are lacking in their readiness to address and mitigate potential cybersecurity risks. This statistic highlights a concerning gap in cybersecurity practices within the CPG industry, indicating that a large portion of companies may be vulnerable to cyber attacks and breaches. Given the increasing frequency and sophistication of cyber threats in today’s digital landscape, it is crucial for CPG companies to prioritize investments in cybersecurity measures to safeguard their sensitive data, protect their operations, and maintain consumer trust.
52% of CPG executives acknowledge cybersecurity as one of the top five business risks.
The statistic indicates that 52% of executives in the consumer packaged goods (CPG) industry recognize cybersecurity as being among the top five business risks faced by their organizations. This acknowledgment suggests that a significant portion of CPG executives are aware of the growing importance of cybersecurity in protecting their businesses from potential threats and vulnerabilities. By identifying cybersecurity as a key risk factor, these executives are likely taking proactive measures to enhance their organization’s security posture and mitigate potential cyber threats that could impact their operations, reputation, and bottom line. This statistic underscores the increasing recognition of cybersecurity as a critical aspect of overall business risk management within the CPG industry.
On an average, CPG companies take 197 days to detect a data breach.
The statistic “On average, CPG companies take 197 days to detect a data breach” indicates the average amount of time it takes for consumer packaged goods (CPG) companies to identify and respond to a data breach within their systems. This metric highlights the potentially significant lag time between a security breach occurring and its detection, during which sensitive information could be at risk of theft or exploitation. A detection period of 197 days suggests there may be inefficiencies in the detection and response mechanisms of CPG companies, emphasizing the importance of implementing robust cybersecurity measures to identify and mitigate breaches promptly to safeguard sensitive data and maintain consumer trust.
Over 53% of CPG companies have experienced an increase in cyber attacks in the last year.
The statistic emphasizes that over half of Consumer Packaged Goods (CPG) companies have encountered a rise in cyber attacks within the last year. This suggests a significant threat to data security within the industry, potentially leading to breaches of sensitive information, financial losses, regulatory violations, and damage to brand reputation. The increasing frequency of cyber attacks highlights the importance for CPG companies to invest in robust cybersecurity measures, employee training, risk assessments, and incident response strategies to effectively mitigate and manage these evolving security threats.
On average, the cost of a data breach in the Retail and CPG sector is $172 per stolen record.
This statistic indicates that, on average, the cost associated with a data breach in the Retail and Consumer Packaged Goods (CPG) sector amounts to $172 per stolen record. This cost is calculated based on factors such as investigating the breach, mitigating its impact, notifying affected individuals, and potential legal expenses or fines. The figure highlights the significant financial repercussions that organizations in the Retail and CPG sector may face if their data security measures are compromised, emphasizing the importance of investing in robust cybersecurity practices to protect sensitive customer information and minimize the risk of data breaches.
1 in 4 CPG companies fell victim to cyber attacks in 2019.
The statistic “1 in 4 CPG companies fell victim to cyber attacks in 2019” implies that around 25% of consumer packaged goods (CPG) companies experienced cyber attacks during the specified year. This statistic suggests a significant vulnerability within the CPG industry to increasingly prevalent cyber threats. Cyber attacks can lead to data breaches, financial losses, reputational damage, and disruption of operations, highlighting the importance of cybersecurity measures for CPG companies. Understanding this statistic underscores the urgent need for proactive cybersecurity strategies to safeguard sensitive information and maintain the trust of consumers and stakeholders in the industry.
Only 37% of CPG companies have a formal cybersecurity incident response plan.
The statistic that only 37% of Consumer Packaged Goods (CPG) companies have a formal cybersecurity incident response plan highlights a concerning lack of preparedness in the industry. Cybersecurity incidents pose a significant risk to companies, as they can result in data breaches, financial losses, and damage to the company’s reputation. Without a formal incident response plan in place, CPG companies may struggle to effectively detect, contain, and mitigate the impact of a cyber incident. This statistic underscores the importance of implementing robust cybersecurity measures to protect sensitive data and ensure business continuity in the face of evolving cyber threats.
CPG sector has seen an increase of 34% in security related incidents in 2020.
The statistic indicates that the consumer packaged goods (CPG) sector experienced a significant rise in security-related incidents in 2020, with a notable 34% increase compared to the previous year. This suggests that CPG companies faced heightened vulnerabilities and challenges in safeguarding their assets, data, and operations from cyber threats, breaches, theft, and other security risks. The substantial increase in incidents underscores the importance of enhancing cybersecurity measures and resilience within the CPG industry to address emerging threats and ensure the protection of critical resources and consumer trust. It also highlights the need for organizations in this sector to continuously monitor and adapt their security strategies to mitigate potential risks and strengthen their overall security posture moving forward.
57% of CPG companies do not have an in-house cybersecurity team.
The statistic ‘57% of CPG (Consumer Packaged Goods) companies do not have an in-house cybersecurity team’ indicates that a majority of CPG companies lack dedicated internal resources focused on cybersecurity. This suggests that a significant portion of the CPG industry may have gaps in addressing cybersecurity threats and vulnerabilities within their organizations. Without an in-house cybersecurity team, these companies may be more susceptible to cyber attacks and data breaches, potentially putting their sensitive information and customer data at risk. It underscores the importance of prioritizing cybersecurity measures and considering options such as outsourcing cybersecurity services or investing in internal cybersecurity expertise to protect against growing cyber threats in the modern digital landscape.
Nearly 70% of CPG businesses are implementing proactive detection and response capabilities to counter cyber threats.
The statistic indicates that close to 70% of consumer packaged goods (CPG) businesses are taking measures to implement proactive detection and response capabilities to protect against cyber threats. This suggests that the majority of CPG companies are recognizing the importance of cybersecurity and are actively working to enhance their ability to detect and respond to potential threats. By investing in these capabilities, CPG businesses are likely aiming to safeguard their data, operations, and reputation from cyberattacks, which are becoming increasingly prevalent and sophisticated in the digital age. This proactive approach demonstrates a commitment to addressing cybersecurity risks and staying ahead of potential threats in the highly competitive and data-driven CPG industry.
Only 36% of CPG organizations use real-time monitoring tools for managing cyber attacks.
The statistic “Only 36% of CPG organizations use real-time monitoring tools for managing cyber attacks” indicates that a relatively low proportion of Consumer Packaged Goods (CPG) companies have implemented real-time monitoring tools for cybersecurity. Real-time monitoring tools are essential for detecting and responding to cyber attacks promptly, reducing the risk of data breaches and other cybersecurity incidents. The fact that only 36% of CPG organizations have adopted these tools suggests a potential vulnerability in the sector’s cybersecurity defenses, highlighting the need for increased awareness and investment in cybersecurity measures to protect sensitive data and ensure business continuity.
42% of CPG organizations have a dedicated role for managing cybersecurity risk.
The statistic ‘42% of CPG organizations have a dedicated role for managing cybersecurity risk’ indicates that nearly half of consumer packaged goods (CPG) organizations have designated a specific individual or team responsible for overseeing and addressing cybersecurity threats. This suggests a recognition within the CPG industry of the importance of cybersecurity in safeguarding sensitive data, protecting against cyber attacks, and ensuring the overall security of operations. By having a dedicated role for managing cybersecurity risk, these organizations are likely taking proactive measures to enhance their cybersecurity posture and mitigate potential threats, demonstrating a commitment to safeguarding their digital assets and maintaining trust with customers and stakeholders.
In 2019, 31% of consumers were willing to share their personal data with CPG companies for better product recommendations despite potential cybersecurity risk.
The statistic indicates that in 2019, nearly one-third of consumers were open to sharing their personal data with Consumer Packaged Goods (CPG) companies in exchange for receiving more personalized product recommendations. This willingness demonstrates a trade-off being made by consumers between the benefits of tailored recommendations and the potential risks associated with cybersecurity breaches or data privacy concerns. The data suggests that a significant portion of consumers prioritize the convenience and value of personalized services over the potential threats to their personal information, highlighting the evolving landscape of consumer attitudes towards data sharing in the digital age.
33% of CPG companies suffered the loss of sensitive customer data due to cyber attacks in 2019.
The statistic indicates that in 2019, 33% of Consumer Packaged Goods (CPG) companies experienced data breaches resulting in the loss of confidential customer information as a consequence of cyber attacks. Such breaches could involve the unauthorized access, theft, or exposure of customer data like personal information, payment details, or other sensitive data. This statistic underscores the vulnerability of CPG companies to cyber threats and highlights the importance of implementing robust cybersecurity measures to safeguard customer data and mitigate risks associated with such attacks.
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