Recent reports have found that over the past year there have been approximately 2.39 million instances of cybercrime and retail accounts for 62% of cybersecurity attacks in commerce, meaning businesses and employees need to be prepared.

In the digital age, employee training in cybersecurity being is an essential part of employee onboarding and sufficient training is crucial if retailers wish to protect themselves.

However, a survey by Indusface has found that only 22% of retailers are training their employees to combat cyberattacks.

The survey contacted 2,200 respondents from 18 different industries, asking if businesses were prepared for a cyberattack, if they invest in cybersecurity training, and if they actively train employees in cybersecurity.

Retail was in the the bottom five sectors for adequate training.

This concurs with GlobalData’s thematic analysis of the retail sector, which finds that the frequency of cyberattacks has been increasing since 2020, with notable attacks on JD Sports and WHSmith reported in Q1 2023.

Indusface founder and president Venky Sundar commented: “The cyber security of any business, whether an SME or a larger corporation, is vital to its integrity. With technology and the internet being an integral, useful part of how many businesses operate, it is important that every company understands the risks of it being inadequately protected.

“If cyberattacks occur, a business can suffer from lost business data, a degraded reputation, and potentially a large financial cost.”

Ultimately, retailers should not be dissuaded by the investments needed for employee cybersecurity training, as it will pay dividends for long-term business protection.