Akamai Technologies has published new research, revealing that cybersecurity is a key dampener on British consumers’ confidence in the retail sector.
The research shows that the majority (59%) of those who shop online would stop shopping at a retailer if it was the victim of a cyberattack. Furthermore, half (49%) of the respondents indicated they don’t trust retailers to keep their personal details safe. These results come at a time of national economic uncertainty, with retailers under increasing pressure to attract and retain customers. Retail sales volumes fell by 1.6% in August 2022, continuing a downward trend since summer 2021.
Consumers are becoming accustomed to constant cybersecurity threats, with 64% of those ever shopping online having experienced an attack attempt in the last year. This is reflected in recent global data from the Akamai Intelligent Platform showing that web application and API attacks in the retail sector have increased by 301% between July 2021 and July 2022. Almost half of respondents (46%) say they think it is likely their personal data will be exposed in an attack in the next twelve months.
