Findings published in the 2017 Thales Data Threat Report, Retail Edition show that while there is some overall improvement in the U.S. retail industry’s approach to data breaches, there is still plenty of room for growth.
The report, issued in conjunction with 451 research, shows 88 per cent of respondents feel vulnerable to data threats, with 19 per cent feeling “very” or “extremely” vulnerable. Slightly more than half (52 per cent) have experienced a past data breach.
At 19 per cent data breach rate, retail is lower than the federal government (34), financial services sector (24) and healthcare (20). While encouraging, more than half of that 19 per cent were victimized multiple times.
The news is bleaker on a global scale, 451 Research’s principal analyst for information security Garrett Bekker said.
“Breach results were not so rosy for global retail – a staggering 43 per cent of global retail respondents reported a breach in the past year alone, approaching twice the global average. These distressing breach rates serve as stark proof that data on any system can be attacked and compromised.
“Unfortunately, organizations keep spending on the same security solutions that worked for them in the past, but aren’t necessarily the most effective at stopping modern breaches.”
While 77 percent of American retailers are increasing their IT security spend, most of that is directed to network and endpoint protection, “even as network security fails to keep out attackers and is unable to protect data that is increasingly stored in the cloud,” Thales said in a release.
Virtually all (95 per cent) of American retailers use sensitive data in an advanced technology environment but 53 per cent believe sensitive data use is happening with property security measures in those environments.
- Deploy security tool sets offering services-based deployments, platforms and automation;
- Discover and classify the location of sensitive data within cloud, SaaS, big data, IoT and container environments; and
- Leverage encryption and Bring Your Own Key (BYOK) technologies for all advanced technologies.