Sharp Rise in Cyber Threats Targeting UK Retail Sector
A new report has revealed a sharp rise in cyber threats targeting the retail sector in the United Kingdom. The study, conducted by a leading cybersecurity firm, highlights a worrying trend that has seen nearly all respondents report an increase in attacks in recent months.
The most prevalent threat, according to 58% of those surveyed, are helpdesk and IT support scams. These attacks often involve criminals posing as legitimate support staff to gain access to sensitive information. Phishing (47%) and credential theft (54%) are also common threats, with supply chain attacks also posing a significant risk.
In response to these evolving threats, 58% of retailers have increased their security budgets. However, third-party suppliers remain a significant security gap for 46% of the retailers polled. To tackle the human risk factor, 74% of respondents prioritise cybersecurity awareness training. This is reflected in the 72% of organisations that have seen greater engagement from leadership teams regarding cybersecurity issues. Despite this, only 65% have actively tested their incident response plans. Interestingly, 71% of retailers have earmarked dedicated reserves for possible ransom payments, indicating a proactive approach to potential cyber extortion.
The report underscores the urgent need for retailers to bolster their cybersecurity measures, particularly in relation to human risk and third-party suppliers. With cyber threats showing no signs of abating, it is crucial for retailers to stay vigilant and proactive in their approach to cybersecurity.
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