Two in five retailers across the globe have experienced a data breach in the past year, according to the 2017 Thales Data Threat Report.

The report revealed that a staggering 43 per cent of retailers had experienced a data breach in the last year, with a third (32 per cent) claiming more than one.

With six in 10 retailers claiming that they had been breached in the past, it is perhaps unsurprising to learn that the majority (88 per cent) of retailers consider themselves to be ‘vulnerable’ to data threats, with 37 per cent stating they are ‘very’ or ‘extremely’ vulnerable. As a result, 73 per cent of retailers expect their spending on IT security to increase.

An increase in regulations such as the forthcoming EU GDPR has led to greater awareness and concern around issues of data privacy and sovereignty, with 72 per cent of retailers claiming to be impacted.

The report reveals that, in an effort to comply with these new requirements, almost two thirds of retailers are encrypting their data, 40 per cent are tokenising data, and a similar number (36 per cent) are implementing a migration project.

Peter Galvin, vice president of strategy at Thales e-Security, said: “With tremendous sets of detailed customer behaviour and personal information in their custody, retailers are a prime target for hackers so should look to invest more in data-centric protection. And as retailers dive head first into new technologies, data security must be a top priority as they continue to pursue their digital transformation.”

Share Story: