Black Friday and Cyber Week are significant dates in the diary for the retail sector, and subsequently for cybercriminals who seek to target retailers and consumers. Keeper Security’s 2022 Cybersecurity Census Report found that almost one in five (17%) UK businesses are subjected to approximately two cyberattacks every working day. This alarmingly high statistic should be at the forefront of retailer’s minds, especially during the festive season when this threat is noticeably higher.
35% of businesses surveyed by Keeper experienced disruption to trading and an average loss of over £100,000 in the wake of a cyberattack. 34% of businesses suffered reputational damage and 34% also reported the theft of financial information, resulting in bad publicity and disgruntled customers. To avoid this, retailers should employ zero trust and zero knowledge. If the zero trust tagline is “trust no one,” the zero knowledge tagline is, “we know nothing, and we can’t access your data.
Effective cybersecurity does, however, require long term investment which goes beyond Black Friday and Cyber Week. Although there have been small steps from UK businesses in prioritising cybersecurity, clear gaps remain. The importance of investment in tech stacks, passwords and creating a culture of compliance cannot be overlooked. With the volume and pace at which threats are hitting businesses increasing, leadership cannot afford to wait.