Retail Cybersecurity: 2020 State of the Industry

The retail industry has experienced a significant shift towards online shopping due to the global pandemic in 2020. With more people shopping online, security concerns have increased, with fraudulent purchases, account takeovers, and phishing attacks being top concerns for consumers. Despite these concerns, less than half of organizations are taking new measures to protect their customers during the holiday season. Consumer expectations for digital capabilities have also risen due to COVID-19, with 77% citing vendor security as a key selection criterion for purchases. A data breach can lead to loss of consumer trust and long-term consequences for a retailer's bottom line.