Cyber risk in retail: protecting the retail business to secure tomorrow’s growth

Years 2013 and 2014 saw an unprecedented level of cyber assault on retailers. Several major breaches hit the headlines and retailers reported tens of millions of customer data and credit card records exposed. Despite widespread attention to payment card industry (PCI) compliance, cyber criminals have clearly taken retailers by surprise.

Due to the frequency and impact of recent cyber attacks targeting retailers, Deloitte undertook efforts to gather information and facilitate practical dialogue on the issue of cyber risk. The report, Cyber risk in retail: protecting the retail business to secure tomorrow’s growth, summarizes key issues facing retailers:

• Compliance does not always equal risk management
• Breach response readiness is top of mind as companies scramble to shore up detection
• External intelligence will play a crucial role in the war against cyber threats
• Cyber risk is a business issue

It also outlines actions that retail organizations can take near term to mitigate cybersecurity risk, and concludes with a set of issues that call for future research, dialogue, and collaboration.

To download the report, click here.