The Four Questions Retailers Need To Ask About Cybersecurity

Asignal was sent to other businesses when supermarket giant Tesco announced in its 2022 annual report that it had carried out a cyberattack stress test – are you really resilient enough to withstand a security breach?

Tesco found that a breach could cost it up to £2.4 billion in fines – 4% of its annual revenue – and compromise the data of its 20 million Clubcard members, not to mention the additional costs that would be incurred to respond and recover, as well as the loss of revenues due to business disruption.

Retailers have long been an attractive target for cyber criminals. They seek access to large, complex, heterogeneous IT networks across disparate locations, alongside the rich data they store, transmit, and collect. Last year saw cyberattacks against the likes of Neiman Marcus, Tesco and Guess and, over the past 12 months, criminals have targeted the retail sector with a 264% surge in ransomware attacks on ecommerce and online retail businesses.