skip to content
Contact
Click to open search Open mobile navigation menu Close mobile navigation menu
Home

7 cybersecurity risks for retailers

Published: July 11, 2019
Updated: July 11, 2019
Infographic

As e-commerce grows and retailers collect an increasing amount of personal and financial data from consumers, the retail industry has become a prime target for cybercriminals.

The consequences of a cyberattack can be devastating. A breach can lead to financial losses, business disruption, and reputation damage. Even worse — you may lose customers due to mistrust and/or higher prices that result from accounting for losses. Retailers must be able to minimize losses and downtime, safeguard customer data, and resume normal business operations as quickly as possible.

Today, it's not a matter of if a cyber breach will occur — it's a matter of when. Preparation and vigilance are vital to protect your business, your employees, and your customers. Learn more about cybersecurity risks for retailers below, as well as critical strategies for prevention.

7 cybersecurity risks for retailers

In Canada, 21% of businesses have experienced a cybersecurity incident that affected operations.1

These seven risks can affect retailers from a financial, operational, and customer experience perspective.

Sources:

1. https://www150.statcan.gc.ca/n1/daily-quotidien/181015/dq181015a-eng.htm 
2. https://www.ibm.com/security/data-breach
3. https://enterprise.verizon.com/resources/reports/dbir/
4. https://www.forbes.com/sites/paullamkin/2018/03/30/under-armour-admits-huge-myfitnesspal-data-hack/#2517b1e6cc54

How can retailers protect against cyberattacks?

A cybersecurity program is no longer a nice-to-have, it’s a business essential for all retailers — but it’s not easy to do alone. The BDO team can work with you to assess your cybersecurity vulnerabilities, to create a proactive plan that includes:

  • Strong returns policies and security policies
  • Employee training on cyber threats and information security
  • Financial audits
  • IT controls audits
  • Vulnerability assessments
  • Social media audits
  • Penetration tests
  • Privacy audits
  • Vendor risk management audits
  • Payment card industry data security standard (PCI-DSS) assessments 
  • Cyber crisis management and recovery plans
Contact us today for a cybersecurity review

This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our privacy statement for more information on the cookies we use and how to delete or block them.

Accept and close