Retail Industry Steps Up Fight Against Cyber Crime

For retailers, the online market has seen huge growth in recent years with online sales growing by around 10 to 15 per cent each year. The same period has seen a parallel rise of cyber-related crimes such as ‘doxing’, ‘whaling’ and ‘spoofing’ against both retail businesses and online shoppers. In developing the preventative guide, the BRC and its members were driven by a desire to keep pace with the evolving risks associated with operating online and to ensure they meet customer expectations around the protection of personal data.

The toolkit outlines recommendations such as: establishing cyber security as a board level issue; retail-specific information-sharing; completing a cyber security risk assessment; and creating an incident response plan. The toolkit also provides a guide to preparing, responding, recovering and reviewing attacks.

Consumers spend approximately one in four pounds online. According to the BRC Annual Retail Crime Survey 2016, an estimated 53 per cent of reported fraud in the retail industry is cyber-enabled, which represents a total direct cost of around £100m.

Hugo Rosemont, policy adviser on crime and security at BRC said, “The UK is one of the leading e-commerce markets in the world. The BRC Cyber Security Toolkit is designed to equip British retailers with the know-how, guidance and practical support that will help the industry stay ahead of the ever-evolving threats posed by cyber-related criminality. All parts of the retail industry have a large and growing stake in keeping customers safe and secure, and the industry is committed to ensuring the strongest possible measures are in place – all the way through from prevention to incident response.”

Sarah Newton, minister for vulnerability, safeguarding and countering extremism said, “Crime is changing and so the way we all work to tackle it must change too. We are already taking world-leading action to stamp out cyber crime and fraud, including investing £1.9bn in cyber security over five years. But as we have said, the government cannot do this alone. Businesses have a responsibility to take steps to protect themselves and their customers, which is why we are delighted that the BRC has introduced their Cyber Security Toolkit to help retailers to do so.”

BRC’s Cyber Security Toolkit is available to download here