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Cyber security concerns in the retail sector

Mike Harris Mike Harris

One in eight retailers faced a cyber-attack over the past 12 months, according to data from Grant Thornton’s International Business Report.

Despite this, fewer than half of retail businesses have a cyber-strategy in place (46%) which is below the global average (52%) for all businesses. With fierce competition and online customers less loyal to any particular retailer than those who visit in person, retailers need to make sure their digital presence is up to scratch. A slick interface and ease of payment are important but so too is security. Cyber-crime is on the rise, Grant Thornton research suggests the cost of cybercrime to the Irish economy is €630 million per year.

In this briefing we look at:

  • the problem;
  • the threats; and
  • risk mitigation.