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

1 min readUpdated May 15, 2025Apr 29, 20153:00 AM

In this article (5)

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.

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What this means

The Deloitte report shows that past reliance on PCI compliance failed to protect retailers from significant cyberattacks and data breaches. This indicates a critical need for a more comprehensive, business-centric approach to cyber risk, moving beyond mere compliance. Retailers must now actively integrate external intelligence and robust breach response strategies, which is a proactive shift from the previously reactive scramble. The market, already pressured by these past failures, will likely see increased investment in holistic cybersecurity measures. The critical factor for businesses will be whether they can transform this understanding into effective, integrated security protocols rather than merely ticking compliance boxes; watch for industry-wide security spending trends in the coming year.

Wei Zhang

Questions & Answers

Which years saw a significant increase in cyber attacks on retailers?

The years 2013 and 2014 experienced an unprecedented level of cyber assault on retailers. Many major breaches occurred, leading to tens of millions of customer data and credit card records being exposed.

What is one key issue facing retailers identified by the Deloitte report?

The Deloitte report highlights that compliance, such as Payment Card Industry (PCI) standards, does not always equate to effective risk management. Breach response readiness is also a major concern for companies.

What role does external intelligence play in combating cyber threats?

The report indicates that external intelligence will be crucial in the ongoing battle against cyber threats. It is an important factor in helping retailers to understand and mitigate potential risks effectively.

Why did Deloitte undertake efforts regarding cyber risk in retail?

Deloitte began gathering information and facilitating dialogue on cyber risk due to the frequency and impact of recent cyber attacks targeting retailers. They aimed to summarise key issues and outline mitigation actions.

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