Ransomware attacks pose a significant threat to the retail sector, with 69% of retail organizations targeted in 2023. The rate of data encryption reached a three-year high of 71%, underscoring the increasing sophistication of cybercriminals. The average ransom payment in retail jumped by 53% to $226,044, though still less than one-third of the cross-sector average.
The retail industry is particularly vulnerable due to the detrimental impact of downtime and the wealth of customer data. In 2021, ransomware attacks surged by 105%, affecting 77% of retail organizations. Regular data backups, comprehensive employee training, and an up-to-date incident response plan are essential steps to mitigate the impact of ransomware attacks.
View the latest ransomware attacks on the Retail sector:
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