The retail sector is grappling with alarming cybersecurity challenges and a significant gap in resilience strategies as revealed in the “2024 Futures Report: Cyber Resilience in Retail” by LevelBlue. Despite the rapidly evolving digital landscape, only 37% of surveyed retail executives are incorporating cybersecurity into their computing plans or budgeting for it in every project. The report, which includes insights from 1,050 senior executives across 18 countries, highlights that a staggering 74% admit that their cybersecurity resilience initiatives are inadequately funded. Furthermore, 74% find it challenging to predict the impact of potential cyber-attacks, and 72% believe that cybersecurity is often an afterthought, raising serious concerns about the sector’s preparedness.
A key issue underscored by the report is the fragmentation of efforts within organizations. About 67% of respondents acknowledged that their cybersecurity efforts are siloed, complicating comprehensive protection measures. The situation is compounded by the fact that 65% lack formalized incident response plans, and 62% do not have standardized cybersecurity processes in place. Overall, a worrisome 80% of the respondents feel their organizations are at risk due to these barriers. The struggle to find necessary external guidance is another significant issue, with 78% of executives indicating difficulties in this area, which inhibits their capacity to bolster their defenses effectively.
Supply Chain and Technological Adoption Issues
The retail sector is facing significant cybersecurity challenges and a notable gap in resilience strategies, according to the “2024 Futures Report: Cyber Resilience in Retail” by LevelBlue. The report, which surveyed 1,050 senior executives across 18 countries, reveals that only 37% of retail executives integrate cybersecurity into their computing plans or budget for it in every project. Alarmingly, 74% of respondents admit their cybersecurity initiatives are underfunded. Moreover, 74% struggle to predict the impact of potential cyber-attacks, and 72% believe cybersecurity is often an afterthought, raising concerns about the sector’s preparedness.
A major issue highlighted in the report is the fragmented efforts within organizations. About 67% of respondents admitted that their cybersecurity measures are siloed, complicating comprehensive protection. Additionally, 65% lack formalized incident response plans and 62% do not have standardized cybersecurity processes. Consequently, a troubling 80% of executives feel their organizations are at risk due to these barriers. Adding to the challenge, 78% of executives find it difficult to get necessary external guidance, hindering their ability to enhance their cybersecurity defenses effectively.
