Retail

Abacode sees data theft as the biggest challenge retailers face in 2020

According to the SecurityScorecard report, eight in 10 retailers agree that combatting data theft is the most pressing cybersecurity issue of 2020.

At the end of 2016, a business fell victim to a ransomware attack every 40 seconds. This is expected to rise to every 11 seconds by 2021. Once breached on average discovery takes 197 days. The Companies that were able to contain a breach in less than 30 days saved more than $1 million compared to those that took longer. The majority of those hit with an incident, 72 percent, said they lost customers, while 62 percent admitted to incurring legal costs.

By 2021, over 2.14 billion people worldwide are expected to buy goods and services online, up from 1.66 billion global digital buyers in 2016. That means retail data breaches will also be on the rise as point-of-sale systems, e-commerce sites are major targets for hackers looking for large volumes of personally identifiable information.

Abacode advocates that retailers be able to adapt their cybersecurity strategy in this changing cyber landscape. We help retailers achieve this goal by managing their cybersecurity framework and delivering the data and analytics needed to provide greater insight for decision making. We manage all aspects of cybersecurity and assist in risk, compliance and internal audit programs. No matter what challenges may arise, Abacode will help you defend against them with the confidence of a dedicated MSSP by your side.

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