Key Highlights
- 43% of retail organizations experienced a cybersecurity breach in the past year
- Retail sector accounts for 16% of all cyberattacks globally
- Data breaches in retail result in an average cost of $3.79 million
- 60% of retail companies have experienced a Cyberattack that disrupted their operations
- 20% of retail breaches involved third-party vendors
- Only 39% of retail companies conduct regular cybersecurity training for employees
- 76% of retail organizations have at least one cloud-based application, increasing cybersecurity risks
- Ransomware attacks in the retail sector increased by 150% in 2022
- 67% of retail cybersecurity breaches are caused by phishing attacks
- 56% of retail cybersecurity incidents involved malware or viruses
- In 2023, retail cyberattacks increased by 33% compared to the previous year
- 68% of retailers reported that their cybersecurity defenses are insufficient against current threats
- The average time to identify a breach in retail is 232 days
With retail sector cyberattacks skyrocketing by 33% in 2023 and with nearly half of organizations experiencing breaches involving payment data or third-party vendors, it’s clear that robust cybersecurity measures are no longer optional but essential to protect customer trust and preserve revenue.
Cybersecurity Incidents and Breach Statistics
- 43% of retail organizations experienced a cybersecurity breach in the past year
- 60% of retail companies have experienced a Cyberattack that disrupted their operations
- 20% of retail breaches involved third-party vendors
- 76% of retail organizations have at least one cloud-based application, increasing cybersecurity risks
- 67% of retail cybersecurity breaches are caused by phishing attacks
- 56% of retail cybersecurity incidents involved malware or viruses
- In 2023, retail cyberattacks increased by 33% compared to the previous year
- The average time to identify a breach in retail is 232 days
- 70% of retail executives express concern about the impact of cyber threats on customer trust
- 45% of retail organizations had a data breach involving payment data in 2022
- 82% of recent retail cyberattacks involved some form of social engineering
- 52% of retail companies have experienced a cyberattack targeting their POS systems
- Retailers with strong cybersecurity protocols experience 45% fewer data breaches
- 29% of retail cybersecurity incidents are caused by insider threats
- The retail sector's breach response time averages 134 days
- 67% of retail businesses do not encrypt customer data at rest, increasing vulnerabilities
- 48% of retail organizations experienced a supply chain cyberattack in 2023
- The average downtime caused by retail cyberattacks is 9.2 hours
- 35% of retail brands experienced at least one security breach involving mobile apps in 2022
- 54% of retail cybersecurity breaches involve compromised credentials
- 81% of retail cybersecurity incidents are preventable with proper training and protocols
- Retail phishing attack success rates have doubled from 10% to 20% over the past three years
- 78% of retail cybersecurity breaches involve unpatched software vulnerabilities
- 65% of retail organizations do not have a formal incident response plan, increasing risk of prolonged breaches
- 55% of retail cybersecurity breaches involve compromised third-party vendor credentials
- 70% of retail cyberattack attempts are detected only after damage has been done
- The number of retail data breaches involving payment card information increased by 40% in 2023
- 45% of retailers have experienced a ransomware attack that encrypted their data
- 29% of retail customer data breaches involve IoT device vulnerabilities
- 47% of retail organizations have experienced a breach due to phishing in the last 12 months
- 64% of retail cybersecurity incidents involved exploiting insecure APIs
- 53% of retail enterprises believe that Ransomware will be their biggest cyber threat in 2024
- 28% of retailers have experienced a major cyberattack that caused significant financial loss in the past year
Cybersecurity Incidents and Breach Statistics Interpretation
Cybersecurity Measures, Protocols, and Investment Trends
- Only 39% of retail companies conduct regular cybersecurity training for employees
- 68% of retailers reported that their cybersecurity defenses are insufficient against current threats
- 38% of retailers do not have a dedicated cybersecurity team
- The retail industry is projected to spend over $1 billion on cybersecurity in 2024
- Only 23% of retail cybersecurity budgets are allocated to threat detection and response
- Only 42% of retail firms conduct comprehensive risk assessments annually
- Retail industry leads in PCI DSS compliance, with 78% of retailers meeting standards
- The retail sector’s investment in cybersecurity insurance increased by 25% in 2023
- 42% of retail organizations plan to increase cybersecurity budgets by over 15% in 2024
- Retail organizations using multi-factor authentication experienced 25% fewer breaches
- 88% of retail cybersecurity professionals believe their defenses are inadequately prepared for emerging threats
- 62% of retail companies are planning to invest more in AI-driven cybersecurity solutions in 2024
- Retail companies that implement regular vulnerability scanning see 35% fewer successful cyberattacks
- 39% of retail organizations have adopted zero trust security models as of 2023
- 41% of retail CIOs prioritize cybersecurity investments over other IT initiatives
Cybersecurity Measures, Protocols, and Investment Trends Interpretation
Emerging Technologies and Strategic Responses
- The use of AI in retail cybersecurity increased by 30% in the past year
Emerging Technologies and Strategic Responses Interpretation
Financial Impact and Costs of Cyberattacks
- Data breaches in retail result in an average cost of $3.79 million
- Retail sales fraud accounts for approximately 1.5% of total retail sales, with cyber fraud being a significant contributor
- The cost of a cyberattack for small retail businesses averages $200,000
- The average breach cost per retail record is $180
- The average cost per retail cyber incident involving payment fraud is $250,000
Financial Impact and Costs of Cyberattacks Interpretation
Industry-Specific Cyber Threats and Vulnerabilities
- Retail sector accounts for 16% of all cyberattacks globally
- Ransomware attacks in the retail sector increased by 150% in 2022
- 63% of cyberattacks on retail companies exploited vulnerabilities due to outdated software
- 60% of retail cyberattacks target the e-commerce platforms
- 54% of retail breaches are caused by vulnerabilities in point-of-sale systems
Industry-Specific Cyber Threats and Vulnerabilities Interpretation
Sources & References
- Reference 1SYMANTECResearch Publication(2024)Visit source
- Reference 2IBMResearch Publication(2024)Visit source
- Reference 3PWCResearch Publication(2024)Visit source
- Reference 4CPOMAGAZINEResearch Publication(2024)Visit source
- Reference 5SANSResearch Publication(2024)Visit source
- Reference 6MCAFEEResearch Publication(2024)Visit source
- Reference 7PROTECHTARGETResearch Publication(2024)Visit source
- Reference 8PHISHINGResearch Publication(2024)Visit source
- Reference 9CSOONLINEResearch Publication(2024)Visit source
- Reference 10CYBERSECURITY-INSIDERSResearch Publication(2024)Visit source
- Reference 11DELOITTEResearch Publication(2024)Visit source
- Reference 12JOURNALOFRETAILResearch Publication(2024)Visit source
- Reference 13VERIZONResearch Publication(2024)Visit source
- Reference 14GARTNERResearch Publication(2024)Visit source
- Reference 15MERITALKResearch Publication(2024)Visit source
- Reference 16CYBERSECURITYVENTURESResearch Publication(2024)Visit source
- Reference 17MARKETSANDMARKETSResearch Publication(2024)Visit source
- Reference 18RETAILDIVEResearch Publication(2024)Visit source
- Reference 19VISIONGAINResearch Publication(2024)Visit source
- Reference 20COMPUTERWORLDResearch Publication(2024)Visit source
- Reference 21SMALLBIZTRENDSResearch Publication(2024)Visit source
- Reference 22SECURITYINTELLIGENCEResearch Publication(2024)Visit source
- Reference 23FLEXERAResearch Publication(2024)Visit source
- Reference 24PCISECURITYSTANDARDSResearch Publication(2024)Visit source
- Reference 25SUPPLYCHAINDIGITALResearch Publication(2024)Visit source
- Reference 26DATTOResearch Publication(2024)Visit source
- Reference 27MOBILEIDWORLDResearch Publication(2024)Visit source
- Reference 28CREDENTIALALERTResearch Publication(2024)Visit source
- Reference 29INSURANCEBUSINESSMAGResearch Publication(2024)Visit source
- Reference 30TECHREPUBLICResearch Publication(2024)Visit source
- Reference 31ECOMMERCETIMESResearch Publication(2024)Visit source
- Reference 32PHISHLABSResearch Publication(2024)Visit source
- Reference 33TECHRADARResearch Publication(2024)Visit source
- Reference 34SECURITYBOULEVARDResearch Publication(2024)Visit source
- Reference 35CYBERSECURITYINSIDERSResearch Publication(2024)Visit source
- Reference 36CYBINTResearch Publication(2024)Visit source
- Reference 37F5Research Publication(2024)Visit source
- Reference 38RETAILTOUCHPOINTSResearch Publication(2024)Visit source
- Reference 39IOTFORALLResearch Publication(2024)Visit source
- Reference 40FORBESResearch Publication(2024)Visit source
- Reference 41APIEVULNERABILITYREPORTResearch Publication(2024)Visit source