10+ Retail Cybersecurity Statistics: A Must-Know in 2024
Cyberattacks heavily impact the retail sector, accounting for 24% of all attacks. Plus, the average cost of a data breach in retail shot up to $3.28 million.
To show just how serious these cyber threats are, I’m going to share the most important retail cybersecurity statistics you need to know. 🌐💳🔒
Retail Cybersecurity Statistics: The Key Data
- 11.1% of all cyberattacks were directed at retailers.
- The retail industry experienced 629 confirmed incidents and 241 breaches in 2022.
- In retail, the average cost of a data breach in 2022 was $3.28 million.
- 77% of consumers rank cybersecurity and data privacy 3rd when choosing a retailer.
- 40% of people think retail POS systems are the most vulnerable to cyberattacks.
- 50% of retail cyberattack victims were extorted, and 25% had their credentials harvested.
- 45% of retailers reported an increase in the volume, severity, or scope of cyberattacks in 2021/22.
- 77% of retail businesses were attacked by ransomware in 2021, an increase from 44% in 2020.
- 98% of the 629 incidents in the retail sector involved a financial motive.
- 89% of retailers affected by ransomware reported revenue or business losses.
- Nearly 20% of customers say they will stop purchasing from companies that have been hacked.
Sources: (Fortinet, CSO Online, WWD, NBER, Arctic Wolf, ISA Cybersecurity, Trend Micro, Security Magazine, Virtual Armour.)
Cybersecurity Threats in Retail Statistics
Retail faces some serious cybersecurity threats, like phishing and ransomware. Here’s a breakdown of the most common issues retailers deal with:
- 30.5% of retail cybersecurity threats come from credential phishing attacks.
- 22% of threats are due to malware, often because of point-of-sale vulnerabilities and unpatched software.
- 13% of retail cyber threats involve ransomware.
- About 10% of threats are DDOS attacks.
- 24.5% of cybersecurity threats in retail come from various other sources.
PinSource: SlideTeam
Types of Retail Attackers
Retail security threats come from different sources, mostly from outside attackers. Here’s a breakdown of the types of attackers that retailers face:
Pin- 83% of retail security threats come from external attackers.
- 13.1% of attacks involve multiple sources.
- 3.3% of threats are from malicious insiders within the company.
- 0.6% of security issues are caused by unintentional actions from insiders.
Source: 2013 IBM Cyber Security Intelligence Index for Retail
Causes of Retail Data Breaches Statistics
Retail data breaches mostly happen because of hacks, tech issues, and human mistakes. Here’s a look at what usually causes them:
- 40% of data breaches in retail are due to malicious attacks.
- 30% of retail breaches are caused by IT failures.
- 30% of retail data breaches result from human error.
PinSource: WWD
Cyberattack Distribution by Industry 2023
Different industries get hit by cyberattacks at different rates, and some are bigger targets than others. Here’s how the attacks are spread out across various sectors:
Pin- Manufacturing: 25.7%
- Finance and Insurance: 18.2%
- Energy and Utilities: 11.1%
- Retail: 11.1%
- Healthcare and Pharmaceuticals: 10.7%
- Public Administration: 6.3%
- Education and Research: 4.3%
- Other Sectors: 2.8%
Source: X-Force Index by IBM Security
POS Cyberattack Vulnerability by Industry
POS systems in different industries are super vulnerable to cyberattacks, especially in retail and restaurants. Here’s a breakdown of which sectors are most at risk:
- 40% of people think retail POS systems are the most vulnerable to cyberattacks.
- 26% believe restaurant POS systems are highly susceptible to cyber threats.
- 18% think other industries’ POS systems are at risk of cyberattacks.
- 8% consider sports and entertainment POS systems to be vulnerable.
- Another 8% believe hotel POS systems are susceptible to cyber threats.
PinSource: Morphisec
