A security vendor has warned that retailers failing to prioritize threat protection may find themselves hemorrhaging customers if it leads to a serious breach.
An Akamai poll of over 2100 UK consumers found that most (59%) would jump ship if a retailer they shopped with suffered a major compromise. A further 49% said they don’t trust retailers in general to keep their data safe.
Even worse for breached retailers, 59% of respondents claimed they would tell their friends to stop shopping with a particular company if they had been the victim of a cyber-attack.
The findings highlight the importance of security investments to protect the bottom line at a time of growing macroeconomic uncertainty.
When asked how they expect retailers to approach cybersecurity, most (76%) online shoppers pointed to data protection and security tooling as opposed to educational campaigns or communications (37%).
“With cyber-attacks on the rise, it is more important than ever for retailers to ensure their customers feel safe and secure while shopping online,” argued Richard Meeus, director of security technology and strategy EMEA at Akamai.
“At this time of economic uncertainty, many retailers will be tempted to cut budgets. This research shows that cybersecurity is one area where they cannot afford to cut corners. Consumers are ready to walk out on retailers over bad cybersecurity.”
Around a year ago, UK government experts discovered that over 4100 online shops based in the UK had digital skimming malware embedded on their payment pages.
Research published last month revealed that 77% of global retailers were compromised by ransomware in 2021, a 75% year-on-year increase and 11% higher than the average across all sectors.
Industry figures reveal that at least half of UK shoppers plan to spend less this Christmas, as the cost-of-living crisis bites, leaving retailers scrapping over every last penny.