What: End-of-year shopping season significantly increases the risk of costly cyberattacks on retailers, necessitating enhanced cybersecurity measures and preparedness.

Why it is important: Retailers face a heightened risk of cyberattacks during the end-of-year shopping season, and they must invest in robust cybersecurity strategies to protect themselves and their customers.

The end-of-year shopping season poses a heightened risk for cyberattacks on retailers and their customers, with these incidents becoming more frequent and costly. In 2023, the average cost of a cyberattack incident rose to $1.7 million. Retailers, who often manage large amounts of sensitive customer data, are particularly vulnerable.

The impact of these attacks can be significant, disrupting operations and causing substantial financial losses. Retailers are responding by allocating a larger portion of their IT budgets to cybersecurity, though the overall investment remains lower compared to other sectors. The evolving nature of cybercrime, including the use of advanced technologies like artificial intelligence, makes it imperative for retailers to share threat intelligence and have robust response plans in place to minimize damage and recover quickly from attacks.

Tis the season for Cyberattacks