There is an urgent need for upgraded cybersecurity in the retail industry according to a report released by Arcserve during Cyber Security Awareness Month. The results from a segment of the company’s annual report raised concerns about the retail sector’s readiness to protect sensitive data and revealed its lack of preparedness in the backup and recovery of data.
Key survey insights
The study revealed that ransomware targeted 54% of retail executives in the past 12 months; 26% had their data compromised, and 25% paid ransom.
The majority (66%) of retail executives were not very confident in their recovery strategies during ransomware attacks, nearly half (42%) were unable to recover all data during a previous attack, and more than half (57%) reported a lack of an updated disaster recovery plan. A huge percentage (72%) of retailers revealed not having specific data resilience goals.
"Retailers must urgently overhaul their disaster recovery plans to match the ever-evolving cyber threat landscape. Data resilience isn't a 'nice-to-have'; it's a non-negotiable business requirement with clear, measurable objectives. Don't wait for a crisis to test your recovery protocols; make it a regular practice, akin to a fire drill. By taking these steps, retailers do more than protect their bottom line - they retain the trust of their customers," Aftab Alam, chief product officer at Arcserve, said.
Recommendations
Arcserve recommends reviewing and updating disaster recovery plans, investing in data resilience and testing recovery procedures.